Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 30, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | AVISTA CORPORATION | |
Amendment Flag | false | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Information, Former Legal or Registered Name | None | |
City Area Code | 509 | |
Entity Incorporation, State or Country Code | WA | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2020 | |
Entity File Number | 1-3701 | |
Entity Tax Identification Number | 91-0462470 | |
Entity Address, Address Line One | 1411 East Mission Avenue | |
Entity Address, City or Town | Spokane | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 99202-2600 | |
Local Phone Number | 489-0500 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000104918 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 68,735,948 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | AVA | |
Security Exchange Name | NYSE |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Utility revenues: | ||||
Utility revenues, exclusive of alternative revenue programs | $ 276,351 | $ 276,683 | $ 944,146 | $ 958,750 |
Alternative revenue programs | (3,972) | 6,038 | (4,023) | 11,105 |
Total utility revenues | 272,379 | 282,721 | 940,123 | 969,855 |
Non-utility revenues | 267 | 1,049 | 1,345 | 11,208 |
Total operating revenues | 272,646 | 283,770 | 941,468 | 981,063 |
Utility operating expenses: | ||||
Resource costs | 78,785 | 98,324 | 276,297 | 324,110 |
Other operating expenses | 85,551 | 80,112 | 266,251 | 251,810 |
Merger transaction costs | 19,675 | |||
Depreciation and amortization | 53,953 | 50,052 | 169,282 | 154,445 |
Taxes other than income taxes | 24,016 | 23,455 | 79,736 | 78,306 |
Non-utility operating expenses: | ||||
Other operating expenses | 1,697 | 1,450 | 3,716 | 15,137 |
Depreciation and amortization | 146 | 134 | 569 | 498 |
Total operating expenses | 244,148 | 253,527 | 795,851 | 843,981 |
Income from operations | 28,498 | 30,243 | 145,617 | 137,082 |
Interest expense | 25,812 | 25,859 | 77,784 | 77,021 |
Interest expense to affiliated trusts | 128 | 334 | 606 | 1,042 |
Capitalized interest | (1,009) | (1,089) | (2,979) | (3,118) |
Merger termination fee | (103,000) | |||
Other expense (income)-net | (2,168) | 180 | (2,019) | (8,995) |
Income before income taxes | 5,735 | 4,959 | 72,225 | 174,132 |
Income tax expense (benefit) | 859 | (131) | 1,472 | 28,145 |
Net income | 4,876 | 5,090 | 70,753 | 145,987 |
Net loss attributable to noncontrolling interests | (216) | |||
Net income attributable to Avista Corp. shareholders | $ 4,876 | $ 5,090 | $ 70,753 | $ 146,203 |
Weighted-average common shares outstanding (thousands), basic | 68,194 | 66,265 | 67,638 | 65,964 |
Weighted-average common shares outstanding (thousands), diluted | 68,337 | 66,351 | 67,769 | 66,050 |
Earnings per common share attributable to Avista Corp. shareholders: | ||||
Basic | $ 0.07 | $ 0.08 | $ 1.05 | $ 2.22 |
Diluted | $ 0.07 | $ 0.08 | $ 1.04 | $ 2.21 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 4,876 | $ 5,090 | $ 70,753 | $ 145,987 |
Other Comprehensive Income: | ||||
Change in unfunded benefit obligation for pension and other postretirement benefit plans - net of taxes of $58, $43, $171 and $128 respectively | 220 | 162 | 645 | 483 |
Total other comprehensive income | 220 | 162 | 645 | 483 |
Comprehensive income | 5,096 | 5,252 | 71,398 | 146,470 |
Comprehensive loss attributable to noncontrolling interests | 216 | |||
Comprehensive income attributable to Avista Corporation shareholders | $ 5,096 | $ 5,252 | $ 71,398 | $ 146,686 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 58 | $ 43 | $ 171 | $ 128 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 84,747 | $ 9,896 |
Accounts and notes receivable-less allowances of $11,322 and $2,419, respectively | 108,118 | 166,657 |
Materials and supplies, fuel stock and stored natural gas | 69,026 | 66,583 |
Regulatory assets | 11,194 | 21,851 |
Other current assets | 26,577 | 40,142 |
Total current assets | 299,662 | 305,129 |
Net utility property | 4,930,359 | 4,797,007 |
Goodwill | 52,426 | 52,426 |
Non-current regulatory assets | 737,541 | 670,802 |
Other property and investments-net and other non-current assets | 263,143 | 257,092 |
Total assets | 6,283,131 | 6,082,456 |
Current Liabilities: | ||
Accounts payable | 83,697 | 110,219 |
Current portion of long-term debt | 52,000 | 52,000 |
Short-term borrowings | 150,000 | 185,800 |
Regulatory liabilities | 48,902 | 51,715 |
Other current liabilities | 140,240 | 130,979 |
Total current liabilities | 474,839 | 530,713 |
Long-term debt | 2,009,300 | 1,843,768 |
Long-term debt to affiliated trusts | 51,547 | 51,547 |
Pensions and other postretirement benefits | 199,912 | 212,006 |
Deferred income taxes | 550,571 | 528,513 |
Non-current regulatory liabilities | 773,641 | 775,436 |
Other non-current liabilities and deferred credits | 240,470 | 201,189 |
Total liabilities | 4,300,280 | 4,143,172 |
Commitments and Contingencies (See Notes to Condensed Consolidated Financial Statements) | ||
Avista Corporation Shareholders’ Equity: | ||
Common stock, no par value; 200,000,000 shares authorized; 68,734,461 and 67,176,996 shares issued and outstanding, respectively | 1,265,191 | 1,210,741 |
Accumulated other comprehensive loss | (9,614) | (10,259) |
Retained earnings | 727,274 | 738,802 |
Total Avista Corporation shareholders’ equity | 1,982,851 | 1,939,284 |
Total liabilities and equity | $ 6,283,131 | $ 6,082,456 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Accounts and notes receivable, allowances | $ 11,322 | $ 2,419 |
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares, issued | 68,734,461 | 67,176,996 |
Common stock, shares outstanding | 68,734,461 | 67,176,996 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating Activities: | ||
Net income | $ 70,753 | $ 145,987 |
Non-cash items included in net income: | ||
Depreciation and amortization | 169,851 | 154,943 |
Deferred income tax provision and investment tax credits | (2,200) | 10,219 |
Power and natural gas cost amortizations (deferrals), net | (6,470) | (45,835) |
Amortization of debt expense | 2,329 | 2,008 |
Amortization of investment in exchange power | 1,633 | |
Stock-based compensation expense | 3,705 | 8,951 |
Equity-related AFUDC | (5,030) | (5,021) |
Pension and other postretirement benefit expense | 25,010 | 27,139 |
Other regulatory assets and liabilities and deferred debits and credits | 12,456 | 1,871 |
Change in decoupling regulatory deferral | 3,340 | (11,540) |
Gain on sale of METALfx (before payment of transaction costs) | (6,477) | |
Gain on sale of investments | (3,914) | |
Other | 12,807 | (5,095) |
Contributions to defined benefit pension plan | (22,000) | (22,000) |
Cash paid for settlement of interest rate swap agreements | (33,499) | (13,325) |
Changes in certain current assets and liabilities: | ||
Accounts and notes receivable | 45,552 | 54,554 |
Materials and supplies, fuel stock and stored natural gas | (2,444) | (7,298) |
Collateral posted for derivative instruments | 10,105 | 64,770 |
Income taxes receivable | 3,549 | (9,116) |
Other current assets | 6,352 | (2,307) |
Accounts payable | (23,328) | (8,366) |
Other current liabilities | 15,604 | 4,796 |
Net cash provided by operating activities | 282,528 | 340,491 |
Investing Activities: | ||
Utility property capital expenditures (excluding equity-related AFUDC) | (297,834) | (320,964) |
Issuance of notes receivable by subsidiaries | (4,343) | (6,036) |
Equity and property investments | (3,994) | (10,031) |
Proceeds from sale of METALfx (net of cash sold) | 16,407 | |
Proceeds from sale of investments | 6,644 | |
Other | (1,478) | 309 |
Net cash used in investing activities | (301,005) | (320,315) |
Financing Activities: | ||
Net increase (decrease) in short-term borrowings | (35,800) | 17,000 |
Proceeds from issuance of long-term debt | 165,000 | |
Maturity of long-term debt and finance leases | (2,129) | (1,995) |
Issuance of common stock, net of issuance costs | 53,356 | 42,899 |
Cash dividends paid | (82,281) | (76,772) |
Other | (4,818) | (1,510) |
Net cash provided by (used in) financing activities | 93,328 | (20,378) |
Net increase (decrease) in cash and cash equivalents | 74,851 | (202) |
Cash and cash equivalents at beginning of period | 9,896 | 14,656 |
Cash and cash equivalents at end of period | $ 84,747 | $ 14,454 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Noncontrolling Interests [Member] |
Beginning Balance (in shares) at Dec. 31, 2018 | 65,688,356 | ||||
Shares issued | 1,020,633 | ||||
Ending Balance (in shares) at Sep. 30, 2019 | 66,708,989 | ||||
Beginning Balance at Dec. 31, 2018 | $ 1,136,491 | $ (7,866) | $ 644,595 | ||
Equity compensation expense | 8,426 | ||||
Issuance of common stock, net of issuance costs | 42,899 | ||||
Payment of minimum tax withholdings for share-based payment awards | (891) | ||||
Ending Balance at Sep. 30, 2019 | $ 1,893,568 | $ 1,186,925 | (7,383) | 714,026 | |
Other comprehensive income | 483 | 483 | |||
Net income attributable to Avista Corporation shareholders | 146,203 | 146,203 | |||
Cash dividends paid on common stock | (76,772) | ||||
Beginning Balance Noncontrolling Interest at Dec. 31, 2018 | $ 825 | ||||
Net loss attributable to noncontrolling interests | (216) | ||||
Deconsolidation of noncontrolling interests related to sale of METALfx | $ (609) | ||||
Dividends declared per common share | $ 1.1625 | ||||
Beginning Balance (in shares) at Jun. 30, 2019 | 66,111,317 | ||||
Shares issued | 597,672 | ||||
Ending Balance (in shares) at Sep. 30, 2019 | 66,708,989 | ||||
Beginning Balance at Jun. 30, 2019 | $ 1,157,024 | (7,545) | 734,555 | ||
Equity compensation expense | 1,931 | ||||
Issuance of common stock, net of issuance costs | 27,970 | ||||
Ending Balance at Sep. 30, 2019 | $ 1,893,568 | $ 1,186,925 | (7,383) | 714,026 | |
Other comprehensive income | 162 | 162 | |||
Net income attributable to Avista Corporation shareholders | $ 5,090 | 5,090 | |||
Cash dividends paid on common stock | (25,619) | ||||
Dividends declared per common share | $ 0.3875 | ||||
Total Avista Corporation shareholders’ equity | $ 1,893,568 | ||||
Total Avista Corporation shareholders’ equity | $ 1,939,284 | ||||
Beginning Balance (in shares) at Dec. 31, 2019 | 67,176,996 | 67,176,996 | |||
Shares issued | 1,557,465 | ||||
Ending Balance (in shares) at Sep. 30, 2020 | 68,734,461 | 68,734,461 | |||
Beginning Balance at Dec. 31, 2019 | $ 1,210,741 | (10,259) | 738,802 | ||
Equity compensation expense | 3,502 | ||||
Issuance of common stock, net of issuance costs | 53,356 | ||||
Payment of minimum tax withholdings for share-based payment awards | (2,408) | ||||
Ending Balance at Sep. 30, 2020 | $ 1,982,851 | $ 1,265,191 | (9,614) | 727,274 | |
Other comprehensive income | 645 | 645 | |||
Net income attributable to Avista Corporation shareholders | $ 70,753 | 70,753 | |||
Cash dividends paid on common stock | (82,281) | ||||
Dividends declared per common share | $ 1.2150 | ||||
Beginning Balance (in shares) at Jun. 30, 2020 | 67,913,265 | ||||
Shares issued | 821,196 | ||||
Ending Balance (in shares) at Sep. 30, 2020 | 68,734,461 | 68,734,461 | |||
Beginning Balance at Jun. 30, 2020 | $ 1,234,901 | (9,834) | 749,971 | ||
Equity compensation expense | 824 | ||||
Issuance of common stock, net of issuance costs | 29,466 | ||||
Ending Balance at Sep. 30, 2020 | $ 1,982,851 | $ 1,265,191 | (9,614) | 727,274 | |
Other comprehensive income | 220 | $ 220 | |||
Net income attributable to Avista Corporation shareholders | $ 4,876 | 4,876 | |||
Cash dividends paid on common stock | $ (27,573) | ||||
Dividends declared per common share | $ 0.4050 | ||||
Total Avista Corporation shareholders’ equity | $ 1,982,851 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Avista Corp. is primarily an electric and natural gas utility with certain other business ventures. Avista Utilities is an operating division of Avista Corp., comprising its regulated utility operations in the Pacific Northwest. Avista Utilities provides electric distribution and transmission, and natural gas distribution services in parts of eastern Washington and northern Idaho. Avista Utilities also provides natural gas distribution service in parts of northeastern and southwestern Oregon. Avista Utilities has electric generating facilities in Washington, Idaho, Oregon and Montana. Avista Utilities also supplies electricity to a small number of customers in Montana, most of whom are employees who operate the Company's Noxon Rapids generating facility. AERC is a wholly-owned subsidiary of Avista Corp. The primary subsidiary of AERC is AEL&P, which comprises Avista Corp.'s regulated utility operations in Alaska. Avista Capital, a wholly owned non-regulated subsidiary of Avista Corp., is the parent company of all of the subsidiary companies in the non-utility businesses, with the exception of AJT Mining Properties, Inc., which is a subsidiary of AERC. See Note 17 for business segment information. See Note 19 for discussion of the sale of METALfx, an unregulated subsidiary of the Company. Basis of Reporting The condensed consolidated financial statements include the assets, liabilities, revenues and expenses of the Company and its subsidiaries and other majority owned subsidiaries and variable interest entities for which the Company or its subsidiaries are the primary beneficiaries. Intercompany balances were eliminated in consolidation. The accompanying condensed consolidated financial statements include the Company’s proportionate share of utility plant and related operations resulting from its interests in jointly owned plants. Derivative Assets and Liabilities Derivatives are recorded as either assets or liabilities on the Condensed Consolidated Balance Sheets measured at estimated fair value. The WUTC and the IPUC issued accounting orders authorizing Avista Corp. to offset energy commodity derivative assets or liabilities with a regulatory asset or liability. This accounting treatment is intended to defer the recognition of mark-to-market gains and losses on energy commodity transactions until the period of delivery. Realized benefits and costs result in adjustments to retail rates through PGAs, the ERM in Washington, the PCA mechanism in Idaho, and periodic general rate cases. The resulting regulatory assets associated with energy commodity derivative instruments have been concluded to be probable of recovery through future rates. Substantially all forward contracts to purchase or sell power and natural gas are recorded as derivative assets or liabilities at estimated fair value with an offsetting regulatory asset or liability. Contracts that are not considered derivatives are accounted for on the accrual basis until they are settled or realized unless there is a decline in the fair value of the contract that is determined to be other-than-temporary. For interest rate swap derivatives, Avista Corp. records all mark-to-market gains and losses in each accounting period as assets and liabilities, as well as offsetting regulatory assets and liabilities, such that there is no income statement impact. The interest rate swap derivatives are risk management tools similar to energy commodity derivatives. Upon settlement of interest rate swap derivatives, the cash payments made or received are recorded as a regulatory asset or liability and are subsequently amortized as a component of interest expense over the life of the associated debt. The settled interest rate swap derivatives are also included as a part of Avista Corp.'s cost of debt calculation for ratemaking purposes. The Company has multiple master netting agreements with a variety of entities that allow for cross-commodity netting of derivative agreements with the same counterparty (i.e. power derivatives can be netted with natural gas derivatives). In addition, some master netting agreements allow for the netting of commodity derivatives and interest rate swap derivatives for the same counterparty. The Company does not have any agreements which allow for cross-affiliate netting among multiple affiliated legal entities. The Company nets all derivative instruments when allowed by the agreement for presentation in the Condensed Consolidated Balance Sheets. Fair Value Measurements Fair value represents the price that would be received when selling an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Energy commodity derivative assets and liabilities, deferred compensation assets, as well as derivatives related to interest rate swaps and foreign currency exchange contracts, are reported at estimated fair value on the Condensed Consolidated Balance Sheets. See Note 12 for the Company’s fair value disclosures. Contingencies The Company has unresolved regulatory, legal and tax issues which have inherently uncertain outcomes. The Company accrues a loss contingency if it is probable that a liability has been incurred and the amount of the loss or impairment can be reasonably estimated. The Company also discloses loss contingencies that do not meet these conditions for accrual if there is a reasonable possibility that a material loss may be incurred. See Note 16 for further discussion of the Company's commitments and contingencies. COVID-19 In March, April and May 2020, the Company filed applications with the OPUC, IPUC and WUTC for authorization to defer certain incremental COVID-19 related costs, net of any decreased costs and other benefits. In Alaska, a Senate Bill was signed into law that provides for deferral and recovery of incremental COVID-19 related costs subject to approval by the RCA. In July 2020, the IPUC issued an order that allows the Company to defer certain net COVID-19 related costs and benefits. As such the Company has deferred approximately $2.5 million in incremental bad debt expense for the nine months ended September 30, 2020. In October 2020, the OPUC approved the Company’s deferred accounting application to defer certain net COVID-19 related costs and benefits. The Company expects to file a stipulation associated with this deferred accounting order in the fourth quarter of 2020, which will detail the specifics of the deferral. As of September 30, 2020, the Company has not deferred any costs attributable to Oregon. No response has yet been received from the WUTC. Accordingly, the Company has not been deferring costs attributable to Washington. The respective regulatory authorities will determine the appropriateness and prudency of any deferred expenses when the Company seeks recovery. See “Regulatory Deferred Charges and Credits” in Note 1 of Consolidated Financial Statements in the 2019 Form 10-K. |
New Accounting Standards
New Accounting Standards | 9 Months Ended |
Sep. 30, 2020 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
NEW ACCOUNTING STANDARDS | NOTE 2. NEW ACCOUNTING STANDARDS ASU No. 2016-12 "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" On January 1, 2020, the Company adopted ASU 2016-13, which replaces the incurred loss impairment methodology in previous GAAP with a methodology that reflects expected credit losses, and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company analyzed its financial instruments within the scope of this guidance, primarily trade receivables, and it did not have a material impact to the Company's financial statements and does not require additional disclosure in these Notes to the Condensed Consolidated Financial Statements. ASU 2018-13 "Fair Value Measurement (Topic 820)" In August 2018, the FASB issued ASU No. 2018-13, which amends the fair value measurement disclosure requirements of ASC 820. The requirements of this ASU include additional disclosure regarding the range and weighted average used to develop significant unobservable inputs for Level 3 fair value estimates and the elimination of certain other previously required disclosures, such as the narrative description of the valuation process for Level 3 fair value measurements. This ASU became effective on January 1, 2020 and the requirements of this ASU did not have a material impact on the Company's fair value disclosures. See Note 12 for the Company's fair value disclosures. ASU No. 2018-14 "Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20)" In August 2018, the FASB issued ASU No. 2018-14, which amends ASC 715 to add, remove and/or clarify certain disclosure requirements related to defined benefit pension and other postretirement plans. The additional disclosure requirements are primarily narrative discussion of significant changes in the benefit obligations and plan assets. The removed disclosures are primarily information about accumulated other comprehensive income expected to be recognized over the next year and the effects of changes associated with assumed health care costs. This ASU is effective for periods beginning after December 15, 2021 and early adoption is permitted. The Company is in the process of evaluating this standard; however, it has determined that it will not early adopt this standard as of September 30, 2020. |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Sep. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
BALANCE SHEET COMPONENTS | NOTE 3. BALANCE SHEET COMPONENTS Materials and Supplies, Fuel Stock and Stored Natural Gas Inventories of materials and supplies, fuel stock and stored natural gas are recorded at average cost for our regulated operations and the lower of cost or market for our non-regulated operations and consisted of the following as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, December 31, 2020 2019 Materials and supplies $ 50,599 $ 47,402 Fuel stock 4,919 4,875 Stored natural gas 13,508 14,306 Total $ 69,026 $ 66,583 Other Current Assets Other current assets consisted of the following as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, December 31, 2020 2019 Collateral posted for derivative instruments after netting with outstanding derivative liabilities $ — $ 4,434 Prepayments 15,078 19,652 Income taxes receivable 6,951 11,047 Other 4,548 5,009 Total $ 26,577 $ 40,142 Net Utility Property Net utility property consisted of the following as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, December 31, 2020 2019 Utility plant in service $ 6,677,671 $ 6,462,993 Construction work in progress 209,098 164,941 Total 6,886,769 6,627,934 Less: Accumulated depreciation and amortization 1,956,410 1,830,927 Total net utility property $ 4,930,359 $ 4,797,007 Other Property and Investments-Net and Other Non-Current Assets Other property and investments-net and other non-current assets consisted of the following as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, December 31, 2020 2019 Operating lease ROU assets $ 71,972 $ 69,746 Finance lease ROU assets 48,249 50,980 Non-utility property 22,397 27,159 Equity investments 56,448 51,258 Investment in affiliated trust 11,547 11,547 Notes receivable 14,265 14,060 Deferred compensation assets 9,030 8,948 Other 29,235 23,394 Total $ 263,143 $ 257,092 Other Current Liabilities Other current liabilities consisted of the following as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, 2020 December 31, 2019 Accrued taxes other than income taxes $ 41,136 $ 36,965 Employee paid time off accruals 25,796 22,343 Accrued interest 29,608 16,486 Current portion of pensions and other postretirement benefits 9,202 8,826 Derivative liabilities 4,398 10,928 Other current liabilities 30,100 35,431 Total other current liabilities $ 140,240 $ 130,979 Other Non-Current Liabilities and Deferred Credits Other non-current liabilities and deferred credits consisted of the following as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, 2020 December 31, 2019 Operating lease liabilities $ 70,758 $ 65,565 Finance lease liabilities 49,549 51,750 Deferred investment tax credits 30,021 30,444 Asset retirement obligations 19,743 20,338 Derivative liabilities 56,498 19,685 Other 13,901 13,407 Total $ 240,470 $ 201,189 Regulatory Assets and Liabilities Regulatory assets and liabilities consisted of the following as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, 2020 December 31, 2019 Current Non-Current Current Non-Current Regulatory Assets Energy commodity derivatives $ — $ — $ 6,310 $ 264 Decoupling surcharge 8,414 16,742 12,098 14,806 Pension and other postretirement benefit plans — 200,829 — 208,754 Interest rate swaps — 232,088 — 168,594 Deferred income taxes — 99,289 — 95,752 Settlement with Coeur d'Alene Tribe — 40,349 — 41,332 AFUDC above FERC allowed rate — 44,504 — 40,749 Demand side management programs — 4,147 — 12,170 Utility plant to be abandoned — 27,200 — 31,291 Other regulatory assets 2,780 72,393 3,443 57,090 Total regulatory assets $ 11,194 $ 737,541 $ 21,851 $ 670,802 Regulatory Liabilities Income tax related liabilities $ 13,598 $ 397,082 $ 23,803 $ 407,549 Deferred natural gas costs — — 3,189 — Deferred power costs 22,384 17,166 14,155 23,544 Decoupling rebate 1,663 2,583 255 2,398 Provision for rate refund (Washington remand case) 5,967 — 3,565 — Utility plant retirement costs — 322,129 — 312,403 Interest rate swaps — 15,409 — 17,088 Other regulatory liabilities 5,290 19,272 6,748 12,454 Total regulatory liabilities $ 48,902 $ 773,641 $ 51,715 $ 775,436 |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | NOTE 4. REVENUE ASC 606 defines the core principle of the revenue recognition model is that an entity should identify the various performance obligations in a contract, allocate the transaction price among the performance obligations and recognize revenue when (or as) the entity satisfies each performance obligation. Utility Revenues Revenue from Contracts with Customers General The majority of Avista Corp.’s revenue is from rate-regulated sales of electricity and natural gas to retail customers, which has two performance obligations, (1) having service available for a specified period (typically a month at a time) and (2) the delivery of energy to customers. The total energy price generally has a fixed component (basic charge) related to having service available and a usage-based component, related to the delivery and consumption of energy. The commodity is sold and/or delivered to and consumed by the customer simultaneously, and the provisions of the relevant utility commission authorization determine the charges the Company may bill the customer. Given that all revenue recognition criteria are met upon the delivery of energy to customers, revenue is recognized immediately at that time. Revenues from contracts with customers are presented in the Condensed Consolidated Statements of Income in the line item "Utility revenues, exclusive of alternative revenue programs." Non-Derivative Wholesale Contracts The Company has certain wholesale contracts which are not accounted for as derivatives and, accordingly, are within the scope of ASC 606 and considered revenue from contracts with customers. Revenue is recognized as energy is delivered to the customer or the service is available for a specified period of time, consistent with the discussion of rate-regulated sales above. Alternative Revenue Programs (Decoupling) ASC 606 retained existing GAAP associated with alternative revenue programs, which specified that alternative revenue programs are contracts between an entity and a regulator of utilities, not a contract between an entity and a customer. GAAP requires that an entity present revenue arising from alternative revenue programs separately from revenues arising from contracts with customers on the face of the Condensed Consolidated Statements of Income. The Company's decoupling mechanisms (also known as a FCA in Idaho) qualify as alternative revenue programs. Decoupling revenue deferrals are recognized in the Condensed Consolidated Statements of Income during the period they occur (i.e. during the period of revenue shortfall or excess due to fluctuations in customer usage), subject to certain limitations, and a regulatory asset or liability is established that will be surcharged or rebated to customers in future periods. GAAP requires that for any alternative revenue program, like decoupling, the revenue must be expected to be collected from customers within 24 months of the deferral to qualify for recognition in the current period Condensed Consolidated Statement of Income. Any amounts included in the Company's decoupling program that are not expected to be collected from customers within 24 months are not recorded in the financial statements until the period in which revenue recognition criteria are met. The amounts expected to be collected from customers within 24 months represents an estimate that must be made by the Company on an ongoing basis due to it being based on the volumes of electric and natural gas sold to customers on a go-forward basis. Derivative Revenue Most wholesale electric and natural gas transactions (including both physical and financial transactions), and the sale of fuel are considered derivatives, which are specifically scoped out of ASC 606. As such, these revenues are disclosed separately from revenue from contracts with customers. Revenue is recognized for these items upon the settlement/expiration of the derivative contract. Derivative revenue includes those transactions that are entered into and settled within the same month. Other Utility Revenue Other utility revenue includes rent, revenues from the pre-apprentice training school, sales of materials, late fees and other charges that do not represent contracts with customers. Company’s ordinary activities in exchange for consideration. As such, these revenues are presented separately from revenue from contracts with customers. Other Considerations for Utility Revenues Gross Versus Net Presentation Revenues and resource costs from Avista Utilities’ settled energy contracts that are “booked out” (not physically delivered) are reported on a net basis as part of derivative revenues. Utility-related taxes collected from customers (primarily state excise taxes and city utility taxes) are taxes that are imposed on Avista Utilities as opposed to being imposed on its customers; therefore, Avista Utilities is the taxpayer and records these transactions on a gross basis in revenue from contracts with customers and operating expense (taxes other than income taxes). The utility-related taxes collected from customers at AEL&P are imposed on the customers rather than AEL&P; therefore, the customers are the taxpayers and AEL&P is acting as their agent. As such, these transactions at AEL&P are presented on a net basis within revenue from contracts with customers. Utility-related taxes that were included in revenue from contracts with customers were as follows for the three and nine months ended September 30 (dollars in thousands): Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Utility-related taxes $ 12,411 $ 11,867 $ 43,989 $ 43,644 Non-Utility Revenues Revenue from Contracts with Customers Non-utility revenue from contracts with customers is derived from contracts with one performance obligation. Prior to its sale in April 2019 (See Note 19 for further discussion on the sale of METALfx), METALfx had one performance obligation, the delivery of a product, and revenues were recognized when the risk of loss transferred to the customer, which occurred when products were shipped. The Steam Plant Kitchen and Brew Pub serves food and beverages to customers, its one performance obligation, and recognizes revenues at the time of service to the customer. Significant Judgments and Unsatisfied Performance Obligations The only significant judgments involving revenue recognition are estimates surrounding unbilled revenue and receivables from contracts with customers and estimates surrounding the amount of decoupling revenues that will be collected from customers within 24 months (discussed above). The Company has certain capacity arrangements, where the Company has a contractual obligation to provide either electric or natural gas capacity to its customers for a fixed fee. Most of these arrangements are paid for in arrears by the customers and do not result in deferred revenue and only result in receivables from the customers. The Company does have one capacity agreement where the customer makes payments throughout the year, and depending on the timing of the customer payments, it can result in an immaterial amount of deferred revenue or a receivable from the customer. As of September 30, 2020, the Company estimates it had unsatisfied capacity performance obligations of $2.4 million, which will be recognized as revenue in future periods as the capacity is provided to the customers. These performance obligations are not reflected in the financial statements, as the Company has not received payment for these services. Disaggregation of Total Operating Revenue The following table disaggregates total operating revenue by segment and source for the three and nine months ended September 30 (dollars in thousands): Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Avista Utilities Revenue from contracts with customers $ 240,036 $ 234,534 $ 827,071 $ 820,438 Derivative revenues 24,075 33,372 79,361 99,628 Alternative revenue programs (3,972 ) 6,038 (4,023 ) 11,105 Deferrals and amortizations for rate refunds to customers 1,742 (927 ) 1,216 3,720 Other utility revenues 1,683 1,914 5,484 7,550 Total Avista Utilities 263,564 274,931 909,109 942,441 AEL&P Revenue from contracts with customers 8,797 7,687 30,900 27,043 Deferrals and amortizations for rate refunds to customers (48 ) (48 ) (143 ) (143 ) Other utility revenues 66 151 257 514 Total AEL&P 8,815 7,790 31,014 27,414 Other Revenue from contracts with customers 3 731 521 10,402 Other revenues 264 318 824 806 Total other 267 1,049 1,345 11,208 Total operating revenues $ 272,646 $ 283,770 $ 941,468 $ 981,063 Utility Revenue from Contracts with Customers by Type and Service The following table disaggregates revenue from contracts with customers associated with the Company's electric operations for the three and nine months ended September 30 (dollars in thousands): 2020 2019 Avista Utilities AEL&P Total Utility Avista Utilities AEL&P Total Utility Three months ended September 30: ELECTRIC OPERATIONS Revenue from contracts with customers Residential $ 85,494 $ 3,150 $ 88,644 $ 78,548 $ 2,764 $ 81,312 Commercial and governmental 79,242 5,582 84,824 81,352 4,857 86,209 Industrial 28,472 — 28,472 28,453 — 28,453 Public street and highway lighting 1,845 65 1,910 1,849 66 1,915 Total retail revenue 195,053 8,797 203,850 190,202 7,687 197,889 Transmission 5,938 — 5,938 4,058 — 4,058 Other revenue from contracts with customers 4,551 — 4,551 5,860 — 5,860 Total electric revenue from contracts with customers $ 205,542 $ 8,797 $ 214,339 $ 200,120 $ 7,687 $ 207,807 Nine months ended September 30: ELECTRIC OPERATIONS Revenue from contracts with customers Residential $ 272,231 $ 13,236 $ 285,467 $ 266,826 $ 12,340 $ 279,166 Commercial and governmental 226,876 17,479 244,355 236,973 14,515 251,488 Industrial 77,999 — 77,999 79,946 — 79,946 Public street and highway lighting 5,474 185 5,659 5,648 188 5,836 Total retail revenue 582,580 30,900 613,480 589,393 27,043 616,436 Transmission 14,121 — 14,121 13,460 — 13,460 Other revenue from contracts with customers 13,256 — 13,256 18,433 — 18,433 Total electric revenue from contracts with customers $ 609,957 $ 30,900 $ 640,857 $ 621,286 $ 27,043 $ 648,329 The following table disaggregates revenue from contracts with customers associated with the Company's natural gas operations for the three and nine months ended September 30 (dollars in thousands): 2020 2019 Avista Utilities Avista Utilities Three months ended September 30: NATURAL GAS OPERATIONS Revenue from contracts with customers Residential $ 20,835 $ 20,271 Commercial and governmental 9,340 10,093 Industrial and interruptible 1,538 1,000 Total retail revenue 31,713 31,364 Transmission 1,656 1,925 Other revenue from contracts with customers 1,125 1,125 Total natural gas revenue from contracts with customers $ 34,494 $ 34,414 Nine months ended September 30: NATURAL GAS OPERATIONS Revenue from contracts with customers Residential $ 139,833 $ 125,543 Commercial and governmental 62,883 60,056 Industrial and interruptible 5,276 3,730 Total retail revenue 207,992 189,329 Transmission 5,747 6,448 Other revenue from contracts with customers 3,375 3,375 Total natural gas revenue from contracts with customers $ 217,114 $ 199,152 |
Derivatives and Risk Management
Derivatives and Risk Management | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments And Hedges [Abstract] | |
DERIVATIVES AND RISK MANAGEMENT | NOTE 5. DERIVATIVES AND RISK MANAGEMENT Energy Commodity Derivatives Avista Corp. is exposed to market risks relating to changes in electricity and natural gas commodity prices and certain other fuel prices. Market risk is, in general, the risk of fluctuation in the market price of the commodity being traded and is influenced primarily by supply and demand. Market risk includes the fluctuation in the market price of associated derivative commodity instruments. Avista Corp. utilizes derivative instruments, such as forwards, futures, swap derivatives and options, in order to manage the various risks relating to these commodity price exposures. Avista Corp. has an energy resources risk policy and control procedures to manage these risks. As part of Avista Corp.'s resource procurement and management operations in the electric business, Avista Corp. engages in an ongoing process of resource optimization, which involves the economic selection from available energy resources to serve Avista Corp.'s load obligations and the use of these resources to capture available economic value through wholesale market transactions. These include sales and purchases of electric capacity and energy, fuel for electric generation, and derivative contracts related to capacity, energy and fuel. Such transactions are part of the process of matching resources with load obligations and hedging a portion of the related financial risks. These transactions range from terms of intra-hour up to multiple years. As part of its resource procurement and management of its natural gas business, Avista Corp. makes continuing projections of its natural gas loads and assesses available natural gas resources including natural gas storage availability. Natural gas resource planning typically includes peak requirements, low and average monthly requirements and delivery constraints from natural gas supply locations to Avista Corp.’s distribution system. However, daily variations in natural gas demand can be significantly different than monthly demand projections. On the basis of these projections, Avista Corp. plans and executes a series of transactions to hedge a portion of its projected natural gas requirements through forward market transactions and derivative instruments. These transactions may extend as much as three natural gas operating years (November through October) into the future. Avista Corp. also leaves a significant portion of its natural gas supply requirements unhedged for purchase in short-term and spot markets. Avista Corp. plans for sufficient natural gas delivery capacity to serve its retail customers for a theoretical peak day event. Avista Corp. generally has more pipeline and storage capacity than what is needed during periods other than a peak-day. Avista Corp. optimizes its natural gas resources by using market opportunities to generate economic value that mitigates the fixed costs. Avista Corp. also optimizes its natural gas storage capacity by purchasing and storing natural gas when prices are traditionally lower, typically in the summer, and withdrawing during higher priced months, typically during the winter. However, if market conditions and prices indicate that Avista Corp. should buy or sell natural gas at other times during the year, Avista Corp. engages in optimization transactions to capture value in the marketplace. Natural gas optimization activities include, but are not limited to, wholesale market sales of surplus natural gas supplies, purchases and sales of natural gas to optimize use of pipeline and storage capacity, and participation in the transportation capacity release market. The following table presents the underlying energy commodity derivative volumes as of September 30, 2020 that are expected to be delivered in each respective year (in thousands of MWhs and mmBTUs): Purchases Sales Electric Derivatives Gas Derivatives Electric Derivatives Gas Derivatives Year Physical (1) MWh Financial (1) MWh Physical (1) mmBTUs Financial (1) mmBTUs Physical (1) MWh Financial (1) MWh Physical (1) mmBTUs Financial (1) mmBTUs Remainder 2020 — 262 8,502 32,730 38 409 2,138 12,650 2021 — 123 6,380 54,455 — 307 2,840 34,710 2022 — — 450 17,080 — — — 6,020 2023 — — — 2,700 — — — — As of September 30, 2020, there are no expected deliveries of energy commodity derivatives after 2023. The following table presents the underlying energy commodity derivative volumes as of December 31, 2019 that are expected to be delivered in each respective year (in thousands of MWhs and mmBTUs): Purchases Sales Electric Derivatives Gas Derivatives Electric Derivatives Gas Derivatives Year Physical (1) MWh Financial (1) MWh Physical (1) mmBTUs Financial (1) mmBTUs Physical (1) MWh Financial (1) MWh Physical (1) mmBTUs Financial (1) mmBTUs 2020 2 442 9,813 78,803 133 1,724 2,984 37,848 2021 — — 153 25,523 — 246 1,040 13,108 2022 — — 225 4,725 — — — 675 As of December 31, 2019, there are no expected deliveries of energy commodity derivatives after 2022. (1) Physical transactions represent commodity transactions in which Avista Corp. will take or make delivery of either electricity or natural gas; financial transactions represent derivative instruments with delivery of cash in the amount of the benefit or cost but with no physical delivery of the commodity, such as futures, swap derivatives, options, or forward contracts. The electric and natural gas derivative contracts above will be included in either power supply costs or natural gas supply costs during the period they are scheduled to be delivered and will be included in the various deferral and recovery mechanisms (ERM, PCA and PGAs), or in the general rate case process, and are expected to be collected through retail rates from customers. Foreign Currency Exchange Derivatives A significant portion of Avista Corp.’s natural gas supply (including fuel for power generation) is obtained from Canadian sources. Most of those transactions are executed in U.S. dollars, which avoids foreign currency risk. A portion of Avista Corp.’s short-term natural gas transactions and long-term Canadian transportation contracts are committed based on Canadian currency prices. The short- term natural gas transactions are settled within 60 days with U.S. dollars. Avista Corp. hedges a portion of the foreign currency risk by purchasing Canadian currency exchange derivatives when such commodity transactions are initiated. The foreign currency exchange derivatives and the unhedged foreign currency risk have not had a material effect on Avista Corp.’s financial condition, results of operations or cash flows and these differences in cost related to currency fluctuations are included with natural gas supply costs for ratemaking. The following table summarizes the foreign currency exchange derivatives that Avista Corp. has outstanding as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, 2020 December 31, 2019 Number of contracts 24 20 Notional amount (in United States dollars) $ 5,887 $ 5,932 Notional amount (in Canadian dollars) 7,777 7,828 Interest Rate Swap Derivatives Avista Corp. is affected by fluctuating interest rates related to a portion of its existing debt, and future borrowing requirements. Avista Corp. hedges a portion of its interest rate risk with financial derivative instruments, which may include interest rate swap derivatives and U.S. Treasury lock agreements. These interest rate swap derivatives and U.S. Treasury lock agreements are considered economic hedges against fluctuations in future cash flows associated with anticipated debt issuances. The following table summarizes the unsettled interest rate swap derivatives that Avista Corp. has outstanding as of September 30, 2020 and December 31, 2019 (dollars in thousands): Balance Sheet Date Number of Contracts Notional Amount Mandatory Cash Settlement Date September 30, 2020 4 45,000 2021 11 120,000 2022 1 10,000 2023 December 31, 2019 7 70,000 2020 3 35,000 2021 10 110,000 2022 The fair value of outstanding interest rate swap derivatives can vary significantly from period to period depending on the total notional amount of swap derivatives outstanding and fluctuations in market interest rates compared to the interest rates fixed by the swaps. Avista Corp. is required to make cash payments to settle the interest rate swap derivatives when the fixed rates are higher than prevailing market rates at the date of settlement. Conversely, Avista Corp. receives cash to settle its interest rate swap derivatives when prevailing market rates at the time of settlement exceed the fixed swap rates. In connection with the pricing of first mortgage bonds that were issued during the third quarter, effective June 30, 2020 the Company settled seven interest rate swap derivatives (notional aggregate amount of $70.0 million), for a net amount of $33.5 million. The Company paid this amount in July 2020. See Note 1 for the regulatory treatment of settled interest rate swaps. Summary of Outstanding Derivative Instruments The amounts recorded on the Condensed Consolidated Balance Sheet as of September 30, 2020 and December 31, 2019 reflect the offsetting of derivative assets and liabilities where a legal right of offset exists. The following table presents the fair values and locations of derivative instruments recorded on the Condensed Consolidated Balance Sheet as of September 30, 2020 (in thousands): Fair Value Derivative and Balance Sheet Location Gross Asset Gross Liability Collateral Netted (1) Net Asset (Liability) on Balance Sheet Foreign currency exchange derivatives Other current liabilities $ 7 $ (52 ) $ — $ (45 ) Interest rate swap derivatives Other non-current liabilities and deferred credits — (66,598 ) 10,100 (56,498 ) Energy commodity derivatives Other current assets 27,305 (22,188 ) (4,551 ) 566 Other property and investments-net and other non-current assets 8,221 (3,976 ) (1,072 ) 3,173 Other current liabilities 136 (4,534 ) — (4,398 ) Total derivative instruments recorded on the balance sheet $ 35,669 $ (97,348 ) $ 4,477 $ (57,202 ) (1) Positive amounts represent cash collateral posted by the Company with other counterparties and negative amounts represent an obligation to return cash to the Company’s counterparties under master netting and collateral agreements. The following table presents the fair values and locations of derivative instruments recorded on the Condensed Consolidated Balance Sheet as of December 31, 2019 (in thousands): Fair Value Derivative and Balance Sheet Location Gross Asset Gross Liability Collateral Netted Net Asset (Liability) on Balance Sheet Foreign currency exchange derivatives Other current assets $ 97 $ — $ — $ 97 Interest rate swap derivatives Other current assets 589 — — 589 Other current liabilities 238 (9,379 ) 1,316 (7,825 ) Other non-current liabilities and deferred credits 725 (24,677 ) 5,454 (18,498 ) Energy commodity derivatives Other current assets 416 (245 ) — 171 Other property and investments-net and other non-current assets 6,369 (5,446 ) — 923 Other current liabilities 34,760 (41,241 ) 3,378 (3,103 ) Other non-current liabilities and deferred credits 28 (1,215 ) — (1,187 ) Total derivative instruments recorded on the balance sheet $ 43,222 $ (82,203 ) $ 10,148 $ (28,833 ) Exposure to Demands for Collateral Avista Corp.'s derivative contracts often require collateral (in the form of cash or letters of credit) or other credit enhancements, or reductions or terminations of a portion of the contract through cash settlement. In the event of a downgrade in Avista Corp.'s credit ratings or changes in market prices, additional collateral may be required. In periods of price volatility, the level of exposure can change significantly. As a result, sudden and significant demands may be made against Avista Corp.'s credit facilities and cash. Avista Corp. actively monitors the exposure to possible collateral calls and takes steps to mitigate capital requirements. The following table presents Avista Corp.'s collateral outstanding related to its derivative instruments as of September 30, 2020 and December 31, 2019 (in thousands): September 30, December 31, 2020 2019 Energy commodity derivatives Cash collateral posted $ — $ 7,812 Letters of credit outstanding 21,500 17,400 Balance sheet offsetting (5,623 ) 3,378 Interest rate swap derivatives Cash collateral posted 10,100 6,770 Balance sheet offsetting 10,100 6,770 Certain of Avista Corp.’s derivative instruments contain provisions that require Avista Corp. to maintain an "investment grade" credit rating from the major credit rating agencies. If Avista Corp.’s credit ratings were to fall below "investment grade," it would be in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing collateralization on derivative instruments in net liability positions. The following table presents the aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a liability position and the amount of additional collateral Avista Corp. could be required to post as of September 30, 2020 and December 31, 2019 (in thousands): September 30, December 31, 2020 2019 Energy commodity derivatives Liabilities with credit-risk-related contingent features $ 3 $ 814 Additional collateral to post 3 814 Interest rate swap derivatives Liabilities with credit-risk-related contingent features 66,598 34,056 Additional collateral to post 56,498 26,912 |
Pension Plans and Other Postret
Pension Plans and Other Postretirement Benefit Plans | 9 Months Ended |
Sep. 30, 2020 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
PENSION PLANS AND OTHER POSTRETIREMENT BENEFIT PLANS | NOTE 6. PENSION PLANS AND OTHER POSTRETIREMENT BENEFIT PLANS Avista Utilities Avista Utilities’ maintained the same pension and other postretirement plans during the nine months ended September 30, 2020 as those described as of December 31, 2019. The Company’s funding policy is to contribute at least the minimum amounts that are required to be funded under the Employee Retirement Income Security Act, but not more than the maximum amounts that are currently deductible for income tax purposes. The Company contributed $22 million in cash to the pension plan for the nine months ended September 30, 2020 and does not expect any further contributions in 2020. The Company uses a December 31 measurement date for its defined benefit pension and other postretirement benefit plans. The following table sets forth the components of net periodic benefit costs for the three and nine months ended September 30 (dollars in thousands): Pension Benefits Other Postretirement Benefits 2020 2019 2020 2019 Three months ended September 30: Service cost $ 5,549 $ 4,948 $ 982 $ 754 Interest cost 6,968 7,134 1,524 1,140 Expected return on plan assets (8,625 ) (7,913 ) (590 ) (616 ) Amortization of prior service cost 75 75 (275 ) (275 ) Net loss recognition 1,678 2,553 1,243 1,299 Net periodic benefit cost $ 5,645 $ 6,797 $ 2,884 $ 2,302 Nine months ended September 30: Service cost $ 16,645 $ 14,770 $ 2,941 $ 2,279 Interest cost 20,906 21,372 4,563 3,676 Expected return on plan assets (26,375 ) (23,681 ) (1,810 ) (1,945 ) Amortization of prior service cost 225 225 (825 ) (825 ) Net loss recognition 5,011 7,394 3,729 3,874 Net periodic benefit cost $ 16,412 $ 20,080 $ 8,598 $ 7,059 Total service costs in the table above are recorded to the same accounts as labor expense. Labor and benefits expense is recorded to various projects based on whether the work is a capital project or an operating expense. Approximately 40 percent of all labor and benefits is capitalized to utility property and 60 percent is expensed to utility other operating expenses. The non-service portion of costs in the table above are recorded to other expense below income from operations in the Condensed Consolidated Statements of Income or capitalized as a regulatory asset. Approximately 40 percent of the costs are capitalized to regulatory assets and 60 percent is expensed to the income statement. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 7. INCOME TAXES In accordance with interim reporting requirements, the Company uses an estimated annual effective tax rate for computing its provisions for income taxes. An estimate of annual income tax expense (or benefit) is made each interim period using estimates for annual pre-tax income, income tax adjustments, and tax credits. The estimated annual effective tax rates do not include discrete events such as tax law changes, examination settlements, accounting method changes, or adjustments to tax expense or benefits attributable to prior years. Discrete events are recorded in the interim period in which they occur or become known. The estimated annual tax rate is applied to year-to-date pre-tax income to determine income tax expense (or benefit) for the interim period consistent with the annual estimate. In subsequent interim periods, income tax expense (or benefit) for the period is computed as the difference between the year-to-date amount reported for the previous interim period and the current period’s year-to-date amount. The following table summarizes the significant factors impacting the difference between our effective tax rate and the federal statutory rate for the three and nine months ended September 30 (dollars in thousands): Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Federal income taxes at statutory rates $ 1,204 21.0 % $ 1,041 21.0 % $ 15,167 21.0 % $ 36,554 21.0 % Increase (decrease) in tax resulting from: Tax effect of regulatory treatment of utility plant differences (2,427 ) (42.3 ) (2,139 ) (43.1 ) (7,244 ) (10.0 ) (6,358 ) (3.7 ) State income tax expense (363 ) (6.3 ) (800 ) (16.1 ) 539 0.7 851 0.5 Settlement of prior year tax returns 524 9.1 (604 ) (12.2 ) 1,565 2.2 1,995 1.1 Acquisition costs — — — — — — (1,712 ) (1.0 ) Non-plant excess deferred turnaround (1) — — (20 ) (0.4 ) (8,476 ) (11.8 ) (5,621 ) (3.2 ) Tax loss on sale of METALfx — — (13 ) (0.2 ) — — (1,272 ) (0.7 ) Valuation allowance — — — — — — 1,245 0.7 Settlement of equity awards — — — — 165 0.2 612 0.4 Other 1,921 33.5 2,404 48.4 (244 ) (0.3 ) 1,851 1.1 Total income tax expense $ 859 15.0 % $ (131 ) (2.6 )% $ 1,472 2.0 % $ 28,145 16.2 % (1) In March 2020, the WUTC approved an all-party settlement agreement related to electric tax benefits that were set aside for Colstrip in the 2020 general rate case order. In the approved settlement agreement, the parties agreed to utilize approximately $10.9 million ($8.4 million when tax-effected) of the electric tax benefits to offset costs associated with accelerating the depreciation of Colstrip Units 3 & 4, to reflect a remaining useful life of those units through December 31, 2025. In the second quarter 2020, the Company recorded a one-time increase to depreciation expense with an offsetting decrease to income tax expense. In March 2019, the IPUC approved an all-party settlement agreement related to electric tax benefits that were set aside for Colstrip in the 2020 general rate case order. In the approved settlement agreement, the parties agreed to utilize approximately $6.4 million ($5.1 million when tax-effected) of the electric tax benefits to offset costs associated with accelerating the depreciation of Colstrip Units 3 & 4, to reflect a remaining useful life of those units through December 31, 2027. In the second quarter 2019, the Company recorded a one-time increase to depreciation expense with an offsetting decrease to income tax expense. 2019 Tax Return In October 2020, the Company filed its 2019 tax return including multiple change in accounting methods for tax. These changes will be re-characterizing certain previous capital expenditures to expense for tax purposes. The resulting effect will increase deferred taxes by approximately $62 million. The Company intends to use the increase in deferred taxes as a tax credit to customers in order to offset potential base rate increases associated with general rate case filings. |
Committed Lines of Credit
Committed Lines of Credit | 9 Months Ended |
Sep. 30, 2020 | |
Short Term Borrowings [Abstract] | |
COMMITTED LINES OF CREDIT | NOTE 8. COMMITTED LINES OF CREDIT Avista Corp. Avista Corp. has a committed line of credit with various financial institutions in the total amount of $400.0 million. During the second quarter, the Company amended and extended, for one additional year, the revolving line of credit agreement for a revised expiration date of April 2022, with the option to extend for an additional one year period. The committed line of credit is secured by non-transferable first mortgage bonds of the Company issued to the agent bank that would only become due and payable in the event, and then only to the extent, that the Company defaults on its obligations under the committed line of credit. Balances outstanding and interest rates of borrowings (excluding letters of credit) under the Company’s revolving committed line of credit were as follows as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, December 31, 2020 2019 Balance outstanding at end of period $ 50,000 $ 182,300 Letters of credit outstanding at end of period $ 25,573 $ 21,473 Average interest rate at end of period 1.20 % 2.64 % As of September 30, 2020 and December 31, 2019, the borrowings outstanding under Avista Corp.'s committed line of credit were classified as short-term borrowings on the Condensed Consolidated Balance Sheet. AEL&P AEL&P has a committed line of credit in the amount of $25.0 million that expires in November 2024. As of September 30, 2020 and December 31, 2019, there were borrowings of $0 and $3.5 million, respectively, and there were no letters of credit outstanding under this committed line of credit. The committed line of credit is secured by non-transferable first mortgage bonds of AEL&P issued to the agent bank that would only become due and payable in the event, and then only to the extent, that AEL&P defaults on its obligations under the committed line of credit. NOTE 9. CREDIT AGREEMENT On April 6, 2020, the Company entered into a Credit Agreement with U.S. Bank National Association, as Lender and Administrative Agent, and CoBank, ACB, as Lender, in the amount of $100 million at an interest rate of 1-Month LIBOR plus 125 basis points with an expiration date of April 5, 2021. Indebtedness under this agreement is unsecured. The Credit Agreement contains customary covenants and default provisions, including a covenant not to permit the ratio of "consolidated total debt" to "consolidated total capitalization" of Avista Corp. to be greater than 65 percent at any time. The Company has borrowed the entire $100 million available under this agreement, which is being used to provide additional liquidity. The borrowing can be prepaid; however, the amount prepaid cannot be re-borrowed. |
Credit Agreement
Credit Agreement | 9 Months Ended |
Sep. 30, 2020 | |
Credit Agreement [Abstract] | |
COMMITTED LINES OF CREDIT | NOTE 8. COMMITTED LINES OF CREDIT Avista Corp. Avista Corp. has a committed line of credit with various financial institutions in the total amount of $400.0 million. During the second quarter, the Company amended and extended, for one additional year, the revolving line of credit agreement for a revised expiration date of April 2022, with the option to extend for an additional one year period. The committed line of credit is secured by non-transferable first mortgage bonds of the Company issued to the agent bank that would only become due and payable in the event, and then only to the extent, that the Company defaults on its obligations under the committed line of credit. Balances outstanding and interest rates of borrowings (excluding letters of credit) under the Company’s revolving committed line of credit were as follows as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, December 31, 2020 2019 Balance outstanding at end of period $ 50,000 $ 182,300 Letters of credit outstanding at end of period $ 25,573 $ 21,473 Average interest rate at end of period 1.20 % 2.64 % As of September 30, 2020 and December 31, 2019, the borrowings outstanding under Avista Corp.'s committed line of credit were classified as short-term borrowings on the Condensed Consolidated Balance Sheet. AEL&P AEL&P has a committed line of credit in the amount of $25.0 million that expires in November 2024. As of September 30, 2020 and December 31, 2019, there were borrowings of $0 and $3.5 million, respectively, and there were no letters of credit outstanding under this committed line of credit. The committed line of credit is secured by non-transferable first mortgage bonds of AEL&P issued to the agent bank that would only become due and payable in the event, and then only to the extent, that AEL&P defaults on its obligations under the committed line of credit. NOTE 9. CREDIT AGREEMENT On April 6, 2020, the Company entered into a Credit Agreement with U.S. Bank National Association, as Lender and Administrative Agent, and CoBank, ACB, as Lender, in the amount of $100 million at an interest rate of 1-Month LIBOR plus 125 basis points with an expiration date of April 5, 2021. Indebtedness under this agreement is unsecured. The Credit Agreement contains customary covenants and default provisions, including a covenant not to permit the ratio of "consolidated total debt" to "consolidated total capitalization" of Avista Corp. to be greater than 65 percent at any time. The Company has borrowed the entire $100 million available under this agreement, which is being used to provide additional liquidity. The borrowing can be prepaid; however, the amount prepaid cannot be re-borrowed. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 10 . L ONG- TERM DEBT On September 30, 2020, the Company issued and sold $165.0 million of 3.07 percent first mortgage bonds due in 2050 pursuant to a bond purchase agreement with institutional investors in the private placement market. In connection with the pricing of the first mortgage bonds in June 2020, the Company cash-settled seven interest rate swap derivatives (notional aggregate amount of $70.0 million) and paid a net amount of $33.5 million, which will be amortized as a component of interest expense over the life of the debt. The Company paid this amount in July 2020. See Note 5 for a discussion of interest rate swap derivatives. The total net proceeds from the sale of the new bonds will be used to repay a portion of the borrowings outstanding under the Company’s $400.0 million committed line of credit and repay maturing long-term debt of $52.0 million. |
Long- Term Debt to Affiliated T
Long- Term Debt to Affiliated Trust | 9 Months Ended |
Sep. 30, 2020 | |
Long Term Debt To Affiliated Trust [Abstract] | |
Long- Term Debt To Affiliated Trusts | NOTE 11. LONG-TERM DEBT TO AFFILIATED TRUSTS In 1997, the Company issued Floating Rate Junior Subordinated Deferrable Interest Debentures, Series B, with a principal amount of $51.5 million to Avista Capital II, an affiliated business trust formed by the Company. Avista Capital II issued $50.0 million of Preferred Trust Securities with a floating distribution rate of LIBOR plus 0.875 percent, calculated and reset quarterly. The distribution rates paid were as follows during the nine months ended September 30, 2020 and the year ended December 31, 2019: September 30, December 31, 2020 2019 Low distribution rate 1.12 % 2.79 % High distribution rate 2.79 % 3.61 % Distribution rate at the end of the period 1.12 % 2.79 % Concurrent with the issuance of the Preferred Trust Securities, Avista Capital II issued $1.5 million of Common Trust Securities to the Company. The Preferred Trust Securities may be redeemed at the option of Avista Capital II at any time and mature on June 1, 2037. In December 2000, the Company purchased $10.0 million of these Preferred Trust Securities. The Company owns 100 percent of Avista Capital II and has solely and unconditionally guaranteed the payment of distributions on, and redemption price and liquidation amount for, the Preferred Trust Securities to the extent that Avista Capital II has funds available for such payments from the respective debt securities. Upon maturity or prior redemption of such debt securities, the Preferred Trust Securities will be mandatorily redeemed. The Company does not include these capital trusts in its consolidated financial statements as Avista Corp. is not the primary beneficiary. As such, the sole assets of the capital trusts are $51.5 million of junior subordinated deferrable interest debentures of Avista Corp., which are reflected on the Condensed Consolidated Balance Sheets. Interest expense to affiliated trusts in the Condensed Consolidated Statements of Income represents interest expense on these debentures. |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | NOTE 12. FAIR VALUE The carrying values of cash and cash equivalents, accounts and notes receivable, accounts payable, and short-term borrowings are reasonable estimates of their fair values. Long-term debt (including current portion and material capital leases) and long-term debt to affiliated trusts are reported at carrying value on the Condensed Consolidated Balance Sheets. The fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to fair values derived from unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are defined as follows: Level 1 – Quoted prices are available in active markets for identical assets or liabilities. Active markets are those in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1, but which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Level 3 – Pricing inputs include significant inputs that are generally unobservable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The determination of the fair values incorporates various factors that not only include the credit standing of the counterparties involved and the impact of credit enhancements (such as cash deposits and letters of credit), but also the impact of Avista Corp.’s nonperformance risk on its liabilities. The following table sets forth the carrying value and estimated fair value of the Company’s financial instruments not reported at estimated fair value on the Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, 2020 December 31, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Long-term debt (Level 2) $ 963,500 $ 1,177,454 $ 963,500 $ 1,124,649 Long-term debt (Level 3) 1,112,000 1,265,095 947,000 1,048,440 Snettisham finance lease obligation (Level 3) 52,450 60,500 54,550 58,000 Long-term debt to affiliated trusts (Level 3) 51,547 41,238 51,547 41,238 These estimates of fair value of long-term debt and long-term debt to affiliated trusts were primarily based on available market information, which generally consists of estimated market prices from third party brokers for debt with similar risk and terms. The price ranges obtained from the third party brokers consisted of par values of 80.00 to 143.51, where a par value of 100.0 represents the carrying value recorded on the Condensed Consolidated Balance Sheets. Level 2 long-term debt represents publicly issued bonds with quoted market prices; however, due to their limited trading activity, they are classified as Level 2 because brokers must generate quotes and make estimates if there is no trading activity near a period end. Level 3 long-term debt consists of private placement bonds and debt to affiliated trusts, which typically have no secondary trading activity. Fair values in Level 3 are estimated based on market prices from third party brokers using secondary market quotes for debt with similar risk and terms to generate quotes for Avista Corp. bonds. Due to the unique nature of the Snettisham finance lease obligation, the estimated fair value of these items was determined based on a discounted cash flow model using available market information. The Snettisham finance lease obligation was discounted to present value using the Morgan Markets A Ex-Fin discount rate as published on September 30, 2020 and December 31, 2019. The following table discloses by level within the fair value hierarchy the Company’s assets and liabilities measured and reported on the Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019 at fair value on a recurring basis (dollars in thousands): Level 1 Level 2 Level 3 Counterparty and Cash Collateral Netting (1) Total September 30, 2020 Assets: Energy commodity derivatives $ — $ 35,662 $ — $ (31,923 ) $ 3,739 Foreign currency exchange derivatives — 7 — (7 ) — Deferred compensation assets: Mutual Funds: Fixed income securities (2) 2,498 — — — 2,498 Equity securities (2) 5,824 — — — 5,824 Total $ 8,322 $ 35,669 $ — $ (31,930 ) $ 12,061 Liabilities: Energy commodity derivatives $ — $ 27,024 $ — $ (26,300 ) $ 724 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 3,674 — 3,674 Foreign currency exchange derivatives — 52 — (7 ) 45 Interest rate swap derivatives — 66,598 — (10,100 ) 56,498 Total $ — $ 93,674 $ 3,674 $ (36,407 ) $ 60,941 December 31, 2019 Assets: Energy commodity derivatives $ — $ 41,546 $ — $ (40,452 ) $ 1,094 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 27 (27 ) — Foreign currency exchange derivatives — 97 — — 97 Interest rate swap derivatives — 1,552 — (963 ) 589 Deferred compensation assets: Mutual Funds: Fixed income securities (2) 2,232 — — — 2,232 Equity securities (2) 6,271 — — — 6,271 Total $ 8,503 $ 43,195 $ 27 $ (41,442 ) $ 10,283 Liabilities: Energy commodity derivatives $ — $ 45,144 $ — $ (43,830 ) $ 1,314 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 3,003 (27 ) 2,976 Interest rate swap derivatives — 34,056 — (7,733 ) 26,323 Total $ — $ 79,200 $ 3,003 $ (51,590 ) $ 30,613 (1) The Company is permitted to net derivative assets and derivative liabilities with the same counterparty when a legally enforceable master netting agreement exists. In addition, the Company nets derivative assets and derivative liabilities against any payables and receivables for cash collateral held or placed with these same counterparties. (2) These assets are included in other property and investments-net and other non-current assets on the Condensed Consolidated Balance Sheets. The difference between the amount of derivative assets and liabilities disclosed in respective levels in the table above and the amount of derivative assets and liabilities disclosed on the Condensed Consolidated Balance Sheets is due to netting arrangements with certain counterparties. See Note 5 for additional discussion of derivative netting. To establish fair value for energy commodity derivatives, the Company uses quoted market prices and forward price curves to estimate the fair value of energy commodity derivative instruments included in Level 2. In particular, electric derivative valuations are performed using market quotes, adjusted for periods in between quotable periods. Natural gas derivative valuations are estimated using New York Mercantile Exchange pricing for similar instruments, adjusted for basin differences, using market quotes. Where observable inputs are available for substantially the full term of the contract, the derivative asset or liability is included in Level 2. To establish fair values for interest rate swap derivatives, the Company uses forward market curves for interest rates for the term of the swaps and discounts the cash flows back to present value using an appropriate discount rate. The discount rate is calculated by third party brokers according to the terms of the swap derivatives and evaluated by the Company for reasonableness, with consideration given to the potential non-performance risk by the Company. Future cash flows of the interest rate swap derivatives are equal to the fixed interest rate in the swap compared to the floating market interest rate multiplied by the notional amount for each period. To establish fair value for foreign currency derivatives, the Company uses forward market curves for Canadian dollars against the US dollar and multiplies the difference between the locked-in price and the market price by the notional amount of the derivative. Forward foreign currency market curves are provided by third party brokers. The Company's credit spread is factored into the locked-in price of the foreign exchange contracts. Deferred compensation assets and liabilities represent funds held by the Company in a Rabbi Trust for an executive deferral plan. These funds consist of actively traded equity and bond funds with quoted prices in active markets. The balance disclosed in the table above excludes cash and cash equivalents of $0.5 million and $0.4 million as of September 30, 2020 and December 31, 2019, respectively. Level 3 Fair Value The following table presents the quantitative information which was used to estimate the fair values of the Level 3 assets and liabilities above as of September 30, 2020 Fair Value (Net) at Valuation Unobservable Range and Weighted September 30, 2020 Technique Input Average Price Natural gas exchange agreement $ (3,674 ) Internally derived weighted average cost of gas Forward sales prices $2.51 - $4.77/mmBTU $3.97 Weighted Average Sales volumes 140,000 - 310,000 mmBTUs The following table presents activity for energy commodity derivative assets (liabilities) measured at fair value using significant unobservable inputs (Level 3) for the nine months ended September 30 (dollars in thousands): Natural Gas Exchange Agreement Power Exchange Agreement Total Three months ended September 30, 2020: Balance as of July 1, 2020 $ (2,628 ) $ — $ (2,628 ) Total gains or (losses) (realized/unrealized): Included in regulatory assets/liabilities (1) (1,046 ) — (1,046 ) Settlements — — — Ending balance as of September 30, 2020 (2) $ (3,674 ) $ — $ (3,674 ) Three months ended September 30, 2019: Balance as of July 1, 2019 $ (2,992 ) $ — $ (2,992 ) Total gains or (losses) (realized/unrealized): Included in regulatory assets/liabilities (1) (133 ) — (133 ) Settlements (9 ) — (9 ) Ending balance as of September 30, 2019 (2) $ (3,134 ) $ — $ (3,134 ) Nine months ended September 30, 2020: Balance as of January 1, 2020 $ (2,976 ) $ — $ (2,976 ) Total gains or (losses) (realized/unrealized): Included in regulatory assets/liabilities (1) (952 ) — (952 ) Settlements 254 — 254 Ending balance as of September 30, 2020 (2) $ (3,674 ) $ — $ (3,674 ) Nine months ended September 30, 2019: Balance as of January 1, 2019 $ (2,774 ) $ (2,488 ) $ (5,262 ) Total gains or (losses) (realized/unrealized): Included in regulatory assets/liabilities (1) 8,015 436 8,451 Settlements (8,375 ) 2,052 (6,323 ) Ending balance as of September 30, 2019 (2) $ (3,134 ) $ — $ (3,134 ) (1) All gains and losses are included in other regulatory assets and liabilities. There were no gains and losses included in either net income or other comprehensive income during any of the periods presented in the table above. (2) There were no purchases, issuances or transfers from other categories of any derivatives instruments during the periods presented in the table above. |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders Equity Note [Abstract] | |
Common Stock | NOTE 13. COMMON STOCK During the second quarter of 2020, the Company entered into four separate sales agency agreements under which the sales agents may offer and sell new shares of the Company’s common stock from time to time. The Company issued 0.8 million shares and 1.4 million shares during the three and nine months ended September 30, 2020, respectively, under the new sales agency agreements. These agreements provide for the offering of a maximum of approximately 3.2 million shares, of which approximately 1.8 million shares remain unissued as of September 30, 2020. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2020 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | NOTE 14. ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss, net of tax, consisted of the following as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, 2020 December 31, 2019 Unfunded benefit obligation for pensions and other postretirement benefit plans - net of taxes of $2,556 and $2,727, respectively $ 9,614 $ 10,259 The following table details the reclassifications out of accumulated other comprehensive loss to net income by component for the three and nine months ended September 30 (dollars in thousands). Amounts Reclassified from Accumulated Other Comprehensive Loss Three months ended September 30, Nine months ended September 30, Details about Accumulated Other Comprehensive Loss Components (Affected Line Item in Statement of Income) 2020 2019 2020 2019 Amortization of defined benefit pension items Amortization of net prior service cost (a) $ (200 ) $ (200 ) $ (600 ) $ (600 ) Amortization of net loss (a) 3,120 3,852 9,341 11,268 Adjustment due to effects of regulation (a) (2,642 ) (3,447 ) (7,925 ) (10,057 ) Total before tax (b) 278 205 816 611 Tax expense (b) (58 ) (43 ) (171 ) (128 ) Net of tax (b) $ 220 $ 162 $ 645 $ 483 (a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 6 for additional details). (b) Description is also the affected line item on the Condensed Consolidated Statement of Income |
Earnings Per Common Share Attri
Earnings Per Common Share Attributable to Avista Corp. Shareholders | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO AVISTA CORP. SHAREHOLDERS | NOTE 15. EARNINGS PER COMMON SHARE ATTRIBUTABLE TO AVISTA CORP. SHAREHOLDERS The following table presents the computation of basic and diluted earnings per common share attributable to Avista Corp. shareholders for the three and nine months ended September 30 (in thousands, except per share amounts): Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Numerator: Net income attributable to Avista Corp. shareholders $ 4,876 $ 5,090 $ 70,753 $ 146,203 Denominator: Weighted-average number of common shares outstanding-basic 68,194 66,265 67,638 65,964 Effect of dilutive securities: Performance and restricted stock awards 143 86 131 86 Weighted-average number of common shares outstanding-diluted 68,337 66,351 67,769 66,050 Earnings per common share attributable to Avista Corp. shareholders: Basic $ 0.07 $ 0.08 $ 1.05 $ 2.22 Diluted $ 0.07 $ 0.08 $ 1.04 $ 2.21 There were no shares excluded from the calculation because they were antidilutive. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 16. COMMITMENTS AND CONTINGENCIES In the course of its business, the Company becomes involved in various claims, controversies, disputes and other contingent matters, including the items described in this Note. Some of these claims, controversies, disputes and other contingent matters involve litigation or other contested proceedings. For all such matters, the Company intends to vigorously protect and defend its interests and pursue its rights. However, no assurance can be given as to the ultimate outcome of any particular matter because litigation and other contested proceedings are inherently subject to numerous uncertainties. For matters that affect Avista Utilities’ or AEL&P's operations, the Company intends to seek, to the extent appropriate, recovery of incurred costs through the ratemaking process. 2015 Washington General Rate Cases In January 2016, the Company received an order (Order 05) that concluded its electric and natural gas general rate cases that were originally filed with the WUTC in February 2015. New electric and natural gas rates were effective on January 11, 2016. PC Petition for Judicial Review In March 2016, Public Counsel (PC) filed in Thurston County Superior Court a Petition for Judicial Review of the WUTC's Order 05 and Order 06. In April 2016, this matter was certified for review directly by the Court of Appeals, an intermediate appellate court in the State of Washington. In August 2018, the Court of Appeals issued a "Published Opinion" (Opinion) which concluded that the WUTC's use of an attrition allowance to calculate Avista Corp.'s rate base violated Washington law. In the Opinion, the Court stated that because the projected additions to rate base in the future were not "used and useful" for service at the time the request for the rate increase was made, they may not lawfully be included in the Company's rate base to justify a rate increase. Accordingly, the Court concluded that the WUTC erred in including an attrition allowance in the calculation of Avista Corp.’s electric and natural gas rate base. The Court noted, however, that the law does not prohibit an attrition allowance in the calculation, for ratemaking purposes, of recoverable operating and maintenance expense. Since the WUTC order provided one lump sum attrition allowance without distinguishing what portion was for rate base and which was for operating and maintenance expenses or other considerations, the Court struck all portions of the attrition allowance attributable to Avista Corp.'s rate base and reversed and remanded the case for the WUTC to recalculate Avista Corp.’s rates without including an attrition allowance in the calculation of rate base. In March 2020, the Company received an order from the WUTC that will require it to refund $8.5 million to electric and natural gas customers. The Company will refund $4.9 million to electric customers and $3.6 million to natural gas customers. The Company previously recorded a customer refund liability of $3.6 million in 2019. Boyds Fire (State of Washington Department of Natural Resources v. Avista) In August 2019, the Company was served with a complaint, captioned “State of Washington Department of Natural Resources v. Avista Corporation,” seeking recovery up to $4.4 million for fire suppression and investigation costs and related expenses incurred in connection with a wildfire that occurred in Ferry County, Washington in August 2018. Specifically, the complaint alleges that the fire, which became known as the “Boyds Fire,” was caused by a dead ponderosa pine tree falling into an overhead distribution line, and that Avista Corp. was negligent in failing to identify and remove the tree before it came into contact with the line. Avista Corp. disputes that the tree in question was the cause of the fire and that it was negligent in failing to identify and remove it. Additional lawsuits have subsequently been filed by private landowners seeking property damages, and holders of insurance subrogation claims seeking recovery of insurance proceeds paid. All four suits were filed in the Superior Court of Ferry County, Washington. The Company intends to vigorously defend itself in the litigation. However, the Company cannot predict the outcome of these matters. Labor Day Windstorm On September 7, 2020, a severe windstorm swept through eastern Washington and northern Idaho. The extreme weather event resulted in customer outages, was the proximate cause of multiple wildfires in the region and impacted electric utilities throughout the Pacific Northwest. With respect to wildfires, the Company’s investigation determined that the primary cause of the fires was extreme high winds. To date, the Company has not found any evidence that the fires were caused by any deficiencies in its equipment, maintenance activities or vegetation management practices. However, the Company has become aware of instances where, during the course of the storm, otherwise healthy trees and limbs, located in areas outside its maintenance right-of-way, broke under the extraordinary wind conditions and caused damage to its energy delivery system at or near what is believed to be the potential area of origin of a wildfire. Those instances include what has been referred to as: the Babb Road fire (near Malden and Pine City, Washington); the Christensen Road fire (near Airway Heights, Washington); and the Mile Marker 49 fire (near Orofino, Idaho). These wildfires covered, in total, approximately 22,000 acres. The Company currently estimates approximately 230 residential, commercial and other structures were impacted. Parallel investigations by applicable state agencies, including the Washington Department of Natural Resources, are ongoing, and the Company is cooperating with those efforts. The Company’s investigation has found no evidence of negligence, and the Company intends to vigorously defend any claims for damages that may be asserted against it with respect to the wildfires arising out of the extreme wind event. Other Contingencies In the normal course of business, the Company has various other legal claims and contingent matters outstanding. The Company believes that any ultimate liability arising from these actions will not have a material impact on its financial condition, results of operations or cash flows. It is possible that a change could occur in the Company’s estimates of the probability or amount of a liability being incurred. Such a change, should it occur, could be significant. See "Note 21 of the Notes to Consolidated Financial Statements" in the 2019 Form 10-K for additional discussion regarding other contingencies. |
Information by Business Segment
Information by Business Segments | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
INFORMATION BY BUSINESS SEGMENTS | NOTE 17. INFORMATION BY BUSINESS SEGMENTS The business segment presentation reflects the basis used by the Company's management to analyze performance and determine the allocation of resources. The Company's management evaluates performance based on income (loss) from operations before income taxes as well as net income (loss) attributable to Avista Corp. shareholders. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Avista Utilities' business is managed based on the total regulated utility operation; therefore, it is considered one segment. AEL&P is a separate reportable business segment, as it has separate financial reports that are reviewed in detail by the Chief Operating Decision Maker and its operations and risks are sufficiently different from Avista Utilities and the other businesses at AERC that it cannot be aggregated with any other operating segments. The Other category, which is not a reportable segment, includes other investments and operations of various subsidiaries, as well as certain other operations of Avista Capital. The following table presents information for each of the Company’s business segments (dollars in thousands): Avista Utilities Alaska Electric Light and Power Company Total Utility Other Intersegment Eliminations (1) Total For the three months ended September 30, 2020: Operating revenues $ 263,564 $ 8,815 $ 272,379 $ 267 $ — $ 272,646 Resource costs 77,843 942 78,785 — — 78,785 Other operating expenses 82,151 3,400 85,551 1,697 — 87,248 Depreciation and amortization 51,499 2,454 53,953 146 — 54,099 Income (loss) from operations 28,284 1,790 30,074 (1,576 ) — 28,498 Interest expense (2) 24,277 1,561 25,838 131 (29 ) 25,940 Income taxes 1,060 59 1,119 (260 ) — 859 Net income (loss) attributable to Avista Corp. shareholders 5,546 268 5,814 (938 ) — 4,876 Capital expenditures (3) 105,494 2,860 108,354 803 — 109,157 For the three months ended September 30, 2019: Operating revenues $ 274,931 $ 7,790 $ 282,721 $ 1,049 $ — $ 283,770 Resource costs 98,397 (73 ) 98,324 — — 98,324 Other operating expenses (4) 76,749 3,363 80,112 1,450 — 81,562 Depreciation and amortization 47,631 2,421 50,052 134 — 50,186 Income (loss) from operations 28,998 1,780 30,778 (535 ) — 30,243 Interest expense (2) 24,634 1,596 26,230 149 (186 ) 26,193 Income taxes 125 82 207 (338 ) — (131 ) Net income (loss) attributable to Avista Corp. shareholders 5,966 197 6,163 (1,073 ) — 5,090 Capital expenditures (3) 118,141 2,836 120,977 920 — 121,897 For the nine months ended September 30, 2020: Operating revenues $ 909,109 $ 31,014 $ 940,123 $ 1,345 $ — $ 941,468 Resource costs 274,468 1,829 276,297 — — 276,297 Other operating expenses 256,570 9,681 266,251 3,716 — 269,967 Depreciation and amortization 161,934 7,348 169,282 569 — 169,851 Income (loss) from operations 137,219 11,337 148,556 (2,939 ) — 145,617 Interest expense (2) 73,449 4,709 78,158 393 (161 ) 78,390 Income taxes 460 1,840 2,300 (828 ) — 1,472 Net income (loss) attributable to Avista Corp. shareholders 69,130 4,991 74,121 (3,368 ) — 70,753 Capital expenditures (3) 291,417 6,417 297,834 1,389 — 299,223 For the nine months ended September 30, 2019: Operating revenues $ 942,441 $ 27,414 $ 969,855 $ 11,208 $ — $ 981,063 Resource costs 325,615 (1,505 ) 324,110 — — 324,110 Other operating expenses (4) 261,934 9,551 271,485 15,137 — 286,622 Depreciation and amortization 147,208 7,237 154,445 498 — 154,943 Income (loss) from operations 130,200 11,309 141,509 (4,427 ) — 137,082 Interest expense (2) 73,214 4,787 78,001 885 (823 ) 78,063 Income taxes 25,722 1,825 27,547 598 — 28,145 Net income attributable to Avista Corp. shareholders 139,086 4,825 143,911 2,292 — 146,203 Capital expenditures (3) 313,747 7,218 320,965 1,104 — 322,069 Total Assets: As of September 30, 2020: $ 5,916,490 $ 269,907 $ 6,186,397 $ 108,681 $ (11,947 ) $ 6,283,131 As of December 31, 2019: $ 5,713,268 $ 271,393 $ 5,984,661 $ 113,390 $ (15,595 ) $ 6,082,456 (1) Intersegment eliminations reported as interest expense represent intercompany interest. (2) Including interest expense to affiliated trusts. (3) The capital expenditures for the other businesses are included in other investing activities on the Condensed Consolidated Statements of Cash Flows. (4) Other operating expenses for Avista Utilities for the nine months ended September 30, 2019 include merger transaction costs which are separately disclosed on the Condensed Consolidated Statements of Income. |
Termination of Proposed Acquisi
Termination of Proposed Acquisition by Hydro One | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
TERMINATION OF PROPOSED ACQUISITION BY HYDRO ONE | NOTE 18. TERMINATION OF PROPOSED ACQUISITION BY HYDRO ONE On July 19, 2017, Avista Corp. entered into a Merger Agreement that provided for Avista Corp. to become an indirect, wholly-owned subsidiary of Hydro One, subject to the satisfaction or waiver of specified closing conditions, including approval by regulatory agencies. Hydro One, based in Toronto, is Ontario’s largest electricity transmission and distribution provider. Termination of the Merger Agreement Due to the denial of the proposed merger by certain of the Company's regulatory commissions, on January 23, 2019, Avista Corp., Hydro One and certain subsidiaries thereof, entered into a Termination Agreement indicating their mutual agreement to terminate the Merger Agreement, effective immediately. Pursuant to the terms of the Termination Agreement, Hydro One paid Avista Corp. a $103 million termination fee on January 24, 2019. The termination fee was used for reimbursing the Company's transaction costs incurred from 2017 to 2019. The balance of the termination fee remaining after payment of 2019 transaction costs and applicable income taxes was used for general corporate purposes and reduced the Company's need for external financing. The 2019 costs totaled $19.7 million pre-tax and included financial advisers' fees, legal fees, consulting fees and employee time. |
Sale of METALfx
Sale of METALfx | 9 Months Ended |
Sep. 30, 2020 | |
Disposal Group Not Discontinued Operation Income Statement Disclosures [Abstract] | |
SALE OF METALfx | NOTE 19. SALE OF METALfx In April 2019, Bay Area Manufacturing, Inc., a non-regulated subsidiary of Avista Corp., entered into a definitive agreement to sell its interest in METALfx to an independent third party. The transaction was a stock sale for a total cash purchase price of $17.5 million plus cash on-hand, subject to customary closing adjustments. The transaction closed on April 18, 2019, and as of that date the Company has no further involvement with METALfx. The purchase price of $17.5 million, as adjusted, was divided among the security holders of METALfx, including the minority shareholder, pro rata based on ownership (Avista Corp. owned 89.2 percent of the equity of METALfx). As required under the purchase agreement, $1.2 million (7 percent of the purchase price) will be held in escrow for 24 months from the closing of the transaction to satisfy certain indemnification obligations. When all escrow amounts are released, the sale transaction will provide cash proceeds to Avista Corp., net of payments to the minority holder, contractually obligated compensation payments and other transaction expenses, of $16.5 million and result in a net gain of $2.3 million recognized in the nine months ended September 30, 2019. The Company expects to receive the full amount of its portion of the escrow accounts; therefore, the full amounts have been included in the gain calculation. The gross gain is included in "Other income," the transaction expenses paid are included in "Non-utility Other operating expenses" and any taxes associated with the sale are included in "Income tax expense" on the Condensed Consolidated Statements of Income. Prior to the completion of the sales transaction, METALfx was not a reportable business segment and was included in other in the business segment footnote at Note 17. This transaction does not meet the criteria for discontinued operations as it does not represent a strategic shift that will have a major effect on the Company's ongoing operations. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business Avista Corp. is primarily an electric and natural gas utility with certain other business ventures. Avista Utilities is an operating division of Avista Corp., comprising its regulated utility operations in the Pacific Northwest. Avista Utilities provides electric distribution and transmission, and natural gas distribution services in parts of eastern Washington and northern Idaho. Avista Utilities also provides natural gas distribution service in parts of northeastern and southwestern Oregon. Avista Utilities has electric generating facilities in Washington, Idaho, Oregon and Montana. Avista Utilities also supplies electricity to a small number of customers in Montana, most of whom are employees who operate the Company's Noxon Rapids generating facility. AERC is a wholly-owned subsidiary of Avista Corp. The primary subsidiary of AERC is AEL&P, which comprises Avista Corp.'s regulated utility operations in Alaska. Avista Capital, a wholly owned non-regulated subsidiary of Avista Corp., is the parent company of all of the subsidiary companies in the non-utility businesses, with the exception of AJT Mining Properties, Inc., which is a subsidiary of AERC. See Note 17 for business segment information. See Note 19 for discussion of the sale of METALfx, an unregulated subsidiary of the Company. |
Basis of Reporting | Basis of Reporting The condensed consolidated financial statements include the assets, liabilities, revenues and expenses of the Company and its subsidiaries and other majority owned subsidiaries and variable interest entities for which the Company or its subsidiaries are the primary beneficiaries. Intercompany balances were eliminated in consolidation. The accompanying condensed consolidated financial statements include the Company’s proportionate share of utility plant and related operations resulting from its interests in jointly owned plants. |
Derivative Assets and Liabilities | Derivative Assets and Liabilities Derivatives are recorded as either assets or liabilities on the Condensed Consolidated Balance Sheets measured at estimated fair value. The WUTC and the IPUC issued accounting orders authorizing Avista Corp. to offset energy commodity derivative assets or liabilities with a regulatory asset or liability. This accounting treatment is intended to defer the recognition of mark-to-market gains and losses on energy commodity transactions until the period of delivery. Realized benefits and costs result in adjustments to retail rates through PGAs, the ERM in Washington, the PCA mechanism in Idaho, and periodic general rate cases. The resulting regulatory assets associated with energy commodity derivative instruments have been concluded to be probable of recovery through future rates. Substantially all forward contracts to purchase or sell power and natural gas are recorded as derivative assets or liabilities at estimated fair value with an offsetting regulatory asset or liability. Contracts that are not considered derivatives are accounted for on the accrual basis until they are settled or realized unless there is a decline in the fair value of the contract that is determined to be other-than-temporary. For interest rate swap derivatives, Avista Corp. records all mark-to-market gains and losses in each accounting period as assets and liabilities, as well as offsetting regulatory assets and liabilities, such that there is no income statement impact. The interest rate swap derivatives are risk management tools similar to energy commodity derivatives. Upon settlement of interest rate swap derivatives, the cash payments made or received are recorded as a regulatory asset or liability and are subsequently amortized as a component of interest expense over the life of the associated debt. The settled interest rate swap derivatives are also included as a part of Avista Corp.'s cost of debt calculation for ratemaking purposes. The Company has multiple master netting agreements with a variety of entities that allow for cross-commodity netting of derivative agreements with the same counterparty (i.e. power derivatives can be netted with natural gas derivatives). In addition, some master netting agreements allow for the netting of commodity derivatives and interest rate swap derivatives for the same counterparty. The Company does not have any agreements which allow for cross-affiliate netting among multiple affiliated legal entities. The Company nets all derivative instruments when allowed by the agreement for presentation in the Condensed Consolidated Balance Sheets. |
Fair Value Measurements | Fair Value Measurements Fair value represents the price that would be received when selling an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Energy commodity derivative assets and liabilities, deferred compensation assets, as well as derivatives related to interest rate swaps and foreign currency exchange contracts, are reported at estimated fair value on the Condensed Consolidated Balance Sheets. See Note 12 for the Company’s fair value disclosures. |
Contingencies | Contingencies The Company has unresolved regulatory, legal and tax issues which have inherently uncertain outcomes. The Company accrues a loss contingency if it is probable that a liability has been incurred and the amount of the loss or impairment can be reasonably estimated. The Company also discloses loss contingencies that do not meet these conditions for accrual if there is a reasonable possibility that a material loss may be incurred. See Note 16 for further discussion of the Company's commitments and contingencies. |
Inventory | Materials and Supplies, Fuel Stock and Stored Natural Gas Inventories of materials and supplies, fuel stock and stored natural gas are recorded at average cost for our regulated operations and the lower of cost or market for our non-regulated operations and consisted of the following as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, December 31, 2020 2019 Materials and supplies $ 50,599 $ 47,402 Fuel stock 4,919 4,875 Stored natural gas 13,508 14,306 Total $ 69,026 $ 66,583 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Materials and Supplies, Fuel Stock and Stored Natural Gas | Inventories of materials and supplies, fuel stock and stored natural gas are recorded at average cost for our regulated operations and the lower of cost or market for our non-regulated operations and consisted of the following as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, December 31, 2020 2019 Materials and supplies $ 50,599 $ 47,402 Fuel stock 4,919 4,875 Stored natural gas 13,508 14,306 Total $ 69,026 $ 66,583 |
Schedule of Other Current Assets | Other current assets consisted of the following as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, December 31, 2020 2019 Collateral posted for derivative instruments after netting with outstanding derivative liabilities $ — $ 4,434 Prepayments 15,078 19,652 Income taxes receivable 6,951 11,047 Other 4,548 5,009 Total $ 26,577 $ 40,142 |
Net Utility Property | Net utility property consisted of the following as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, December 31, 2020 2019 Utility plant in service $ 6,677,671 $ 6,462,993 Construction work in progress 209,098 164,941 Total 6,886,769 6,627,934 Less: Accumulated depreciation and amortization 1,956,410 1,830,927 Total net utility property $ 4,930,359 $ 4,797,007 |
Other Property and Investments-Net and Other Non-Current Assets | Other property and investments-net and other non-current assets consisted of the following as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, December 31, 2020 2019 Operating lease ROU assets $ 71,972 $ 69,746 Finance lease ROU assets 48,249 50,980 Non-utility property 22,397 27,159 Equity investments 56,448 51,258 Investment in affiliated trust 11,547 11,547 Notes receivable 14,265 14,060 Deferred compensation assets 9,030 8,948 Other 29,235 23,394 Total $ 263,143 $ 257,092 |
Other Current Liabilities | Other current liabilities consisted of the following as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, 2020 December 31, 2019 Accrued taxes other than income taxes $ 41,136 $ 36,965 Employee paid time off accruals 25,796 22,343 Accrued interest 29,608 16,486 Current portion of pensions and other postretirement benefits 9,202 8,826 Derivative liabilities 4,398 10,928 Other current liabilities 30,100 35,431 Total other current liabilities $ 140,240 $ 130,979 |
Schedule of Other Non-Current Liabilities and Deferred Credits | Other non-current liabilities and deferred credits consisted of the following as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, 2020 December 31, 2019 Operating lease liabilities $ 70,758 $ 65,565 Finance lease liabilities 49,549 51,750 Deferred investment tax credits 30,021 30,444 Asset retirement obligations 19,743 20,338 Derivative liabilities 56,498 19,685 Other 13,901 13,407 Total $ 240,470 $ 201,189 |
Schedule of Regulatory Assets and Liabilities | Regulatory assets and liabilities consisted of the following as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, 2020 December 31, 2019 Current Non-Current Current Non-Current Regulatory Assets Energy commodity derivatives $ — $ — $ 6,310 $ 264 Decoupling surcharge 8,414 16,742 12,098 14,806 Pension and other postretirement benefit plans — 200,829 — 208,754 Interest rate swaps — 232,088 — 168,594 Deferred income taxes — 99,289 — 95,752 Settlement with Coeur d'Alene Tribe — 40,349 — 41,332 AFUDC above FERC allowed rate — 44,504 — 40,749 Demand side management programs — 4,147 — 12,170 Utility plant to be abandoned — 27,200 — 31,291 Other regulatory assets 2,780 72,393 3,443 57,090 Total regulatory assets $ 11,194 $ 737,541 $ 21,851 $ 670,802 Regulatory Liabilities Income tax related liabilities $ 13,598 $ 397,082 $ 23,803 $ 407,549 Deferred natural gas costs — — 3,189 — Deferred power costs 22,384 17,166 14,155 23,544 Decoupling rebate 1,663 2,583 255 2,398 Provision for rate refund (Washington remand case) 5,967 — 3,565 — Utility plant retirement costs — 322,129 — 312,403 Interest rate swaps — 15,409 — 17,088 Other regulatory liabilities 5,290 19,272 6,748 12,454 Total regulatory liabilities $ 48,902 $ 773,641 $ 51,715 $ 775,436 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Utilities Operating Revenue Expense Taxes | Utility-related taxes that were included in revenue from contracts with customers were as follows for the three and nine months ended September 30 (dollars in thousands): Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Utility-related taxes $ 12,411 $ 11,867 $ 43,989 $ 43,644 |
Disaggregation of Revenue | Disaggregation of Total Operating Revenue The following table disaggregates total operating revenue by segment and source for the three and nine months ended September 30 (dollars in thousands): Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Avista Utilities Revenue from contracts with customers $ 240,036 $ 234,534 $ 827,071 $ 820,438 Derivative revenues 24,075 33,372 79,361 99,628 Alternative revenue programs (3,972 ) 6,038 (4,023 ) 11,105 Deferrals and amortizations for rate refunds to customers 1,742 (927 ) 1,216 3,720 Other utility revenues 1,683 1,914 5,484 7,550 Total Avista Utilities 263,564 274,931 909,109 942,441 AEL&P Revenue from contracts with customers 8,797 7,687 30,900 27,043 Deferrals and amortizations for rate refunds to customers (48 ) (48 ) (143 ) (143 ) Other utility revenues 66 151 257 514 Total AEL&P 8,815 7,790 31,014 27,414 Other Revenue from contracts with customers 3 731 521 10,402 Other revenues 264 318 824 806 Total other 267 1,049 1,345 11,208 Total operating revenues $ 272,646 $ 283,770 $ 941,468 $ 981,063 Utility Revenue from Contracts with Customers by Type and Service The following table disaggregates revenue from contracts with customers associated with the Company's electric operations for the three and nine months ended September 30 (dollars in thousands): 2020 2019 Avista Utilities AEL&P Total Utility Avista Utilities AEL&P Total Utility Three months ended September 30: ELECTRIC OPERATIONS Revenue from contracts with customers Residential $ 85,494 $ 3,150 $ 88,644 $ 78,548 $ 2,764 $ 81,312 Commercial and governmental 79,242 5,582 84,824 81,352 4,857 86,209 Industrial 28,472 — 28,472 28,453 — 28,453 Public street and highway lighting 1,845 65 1,910 1,849 66 1,915 Total retail revenue 195,053 8,797 203,850 190,202 7,687 197,889 Transmission 5,938 — 5,938 4,058 — 4,058 Other revenue from contracts with customers 4,551 — 4,551 5,860 — 5,860 Total electric revenue from contracts with customers $ 205,542 $ 8,797 $ 214,339 $ 200,120 $ 7,687 $ 207,807 Nine months ended September 30: ELECTRIC OPERATIONS Revenue from contracts with customers Residential $ 272,231 $ 13,236 $ 285,467 $ 266,826 $ 12,340 $ 279,166 Commercial and governmental 226,876 17,479 244,355 236,973 14,515 251,488 Industrial 77,999 — 77,999 79,946 — 79,946 Public street and highway lighting 5,474 185 5,659 5,648 188 5,836 Total retail revenue 582,580 30,900 613,480 589,393 27,043 616,436 Transmission 14,121 — 14,121 13,460 — 13,460 Other revenue from contracts with customers 13,256 — 13,256 18,433 — 18,433 Total electric revenue from contracts with customers $ 609,957 $ 30,900 $ 640,857 $ 621,286 $ 27,043 $ 648,329 The following table disaggregates revenue from contracts with customers associated with the Company's natural gas operations for the three and nine months ended September 30 (dollars in thousands): 2020 2019 Avista Utilities Avista Utilities Three months ended September 30: NATURAL GAS OPERATIONS Revenue from contracts with customers Residential $ 20,835 $ 20,271 Commercial and governmental 9,340 10,093 Industrial and interruptible 1,538 1,000 Total retail revenue 31,713 31,364 Transmission 1,656 1,925 Other revenue from contracts with customers 1,125 1,125 Total natural gas revenue from contracts with customers $ 34,494 $ 34,414 Nine months ended September 30: NATURAL GAS OPERATIONS Revenue from contracts with customers Residential $ 139,833 $ 125,543 Commercial and governmental 62,883 60,056 Industrial and interruptible 5,276 3,730 Total retail revenue 207,992 189,329 Transmission 5,747 6,448 Other revenue from contracts with customers 3,375 3,375 Total natural gas revenue from contracts with customers $ 217,114 $ 199,152 |
Derivatives and Risk Manageme_2
Derivatives and Risk Management (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments And Hedges [Abstract] | |
Schedule of Energy Commodity Derivative Volumes | The following table presents the underlying energy commodity derivative volumes as of September 30, 2020 that are expected to be delivered in each respective year (in thousands of MWhs and mmBTUs): Purchases Sales Electric Derivatives Gas Derivatives Electric Derivatives Gas Derivatives Year Physical (1) MWh Financial (1) MWh Physical (1) mmBTUs Financial (1) mmBTUs Physical (1) MWh Financial (1) MWh Physical (1) mmBTUs Financial (1) mmBTUs Remainder 2020 — 262 8,502 32,730 38 409 2,138 12,650 2021 — 123 6,380 54,455 — 307 2,840 34,710 2022 — — 450 17,080 — — — 6,020 2023 — — — 2,700 — — — — As of September 30, 2020, there are no expected deliveries of energy commodity derivatives after 2023. The following table presents the underlying energy commodity derivative volumes as of December 31, 2019 that are expected to be delivered in each respective year (in thousands of MWhs and mmBTUs): Purchases Sales Electric Derivatives Gas Derivatives Electric Derivatives Gas Derivatives Year Physical (1) MWh Financial (1) MWh Physical (1) mmBTUs Financial (1) mmBTUs Physical (1) MWh Financial (1) MWh Physical (1) mmBTUs Financial (1) mmBTUs 2020 2 442 9,813 78,803 133 1,724 2,984 37,848 2021 — — 153 25,523 — 246 1,040 13,108 2022 — — 225 4,725 — — — 675 As of December 31, 2019, there are no expected deliveries of energy commodity derivatives after 2022. (1) Physical transactions represent commodity transactions in which Avista Corp. will take or make delivery of either electricity or natural gas; financial transactions represent derivative instruments with delivery of cash in the amount of the benefit or cost but with no physical delivery of the commodity, such as futures, swap derivatives, options, or forward contracts. |
Summary of Foreign Currency Exchange Derivatives | The following table summarizes the foreign currency exchange derivatives that Avista Corp. has outstanding as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, 2020 December 31, 2019 Number of contracts 24 20 Notional amount (in United States dollars) $ 5,887 $ 5,932 Notional amount (in Canadian dollars) 7,777 7,828 |
Summary of Unsettled Interest Rate Swap Derivatives | The following table summarizes the unsettled interest rate swap derivatives that Avista Corp. has outstanding as of September 30, 2020 and December 31, 2019 (dollars in thousands): Balance Sheet Date Number of Contracts Notional Amount Mandatory Cash Settlement Date September 30, 2020 4 45,000 2021 11 120,000 2022 1 10,000 2023 December 31, 2019 7 70,000 2020 3 35,000 2021 10 110,000 2022 |
Schedules of Fair Values and Locations of Derivative Instruments | The following table presents the fair values and locations of derivative instruments recorded on the Condensed Consolidated Balance Sheet as of September 30, 2020 (in thousands): Fair Value Derivative and Balance Sheet Location Gross Asset Gross Liability Collateral Netted (1) Net Asset (Liability) on Balance Sheet Foreign currency exchange derivatives Other current liabilities $ 7 $ (52 ) $ — $ (45 ) Interest rate swap derivatives Other non-current liabilities and deferred credits — (66,598 ) 10,100 (56,498 ) Energy commodity derivatives Other current assets 27,305 (22,188 ) (4,551 ) 566 Other property and investments-net and other non-current assets 8,221 (3,976 ) (1,072 ) 3,173 Other current liabilities 136 (4,534 ) — (4,398 ) Total derivative instruments recorded on the balance sheet $ 35,669 $ (97,348 ) $ 4,477 $ (57,202 ) (1) Positive amounts represent cash collateral posted by the Company with other counterparties and negative amounts represent an obligation to return cash to the Company’s counterparties under master netting and collateral agreements. The following table presents the fair values and locations of derivative instruments recorded on the Condensed Consolidated Balance Sheet as of December 31, 2019 (in thousands): Fair Value Derivative and Balance Sheet Location Gross Asset Gross Liability Collateral Netted Net Asset (Liability) on Balance Sheet Foreign currency exchange derivatives Other current assets $ 97 $ — $ — $ 97 Interest rate swap derivatives Other current assets 589 — — 589 Other current liabilities 238 (9,379 ) 1,316 (7,825 ) Other non-current liabilities and deferred credits 725 (24,677 ) 5,454 (18,498 ) Energy commodity derivatives Other current assets 416 (245 ) — 171 Other property and investments-net and other non-current assets 6,369 (5,446 ) — 923 Other current liabilities 34,760 (41,241 ) 3,378 (3,103 ) Other non-current liabilities and deferred credits 28 (1,215 ) — (1,187 ) Total derivative instruments recorded on the balance sheet $ 43,222 $ (82,203 ) $ 10,148 $ (28,833 ) |
Schedule of Collateral Outstanding Related to Derivative Instruments | The following table presents Avista Corp.'s collateral outstanding related to its derivative instruments as of September 30, 2020 and December 31, 2019 (in thousands): September 30, December 31, 2020 2019 Energy commodity derivatives Cash collateral posted $ — $ 7,812 Letters of credit outstanding 21,500 17,400 Balance sheet offsetting (5,623 ) 3,378 Interest rate swap derivatives Cash collateral posted 10,100 6,770 Balance sheet offsetting 10,100 6,770 Certain of Avista Corp.’s derivative instruments contain provisions that require Avista Corp. to maintain an "investment grade" credit rating from the major credit rating agencies. If Avista Corp.’s credit ratings were to fall below "investment grade," it would be in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing collateralization on derivative instruments in net liability positions. The following table presents the aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a liability position and the amount of additional collateral Avista Corp. could be required to post as of September 30, 2020 and December 31, 2019 (in thousands): September 30, December 31, 2020 2019 Energy commodity derivatives Liabilities with credit-risk-related contingent features $ 3 $ 814 Additional collateral to post 3 814 Interest rate swap derivatives Liabilities with credit-risk-related contingent features 66,598 34,056 Additional collateral to post 56,498 26,912 |
Pension Plans and Other Postr_2
Pension Plans and Other Postretirement Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Components of Net Periodic Benefit Costs | The following table sets forth the components of net periodic benefit costs for the three and nine months ended September 30 (dollars in thousands): Pension Benefits Other Postretirement Benefits 2020 2019 2020 2019 Three months ended September 30: Service cost $ 5,549 $ 4,948 $ 982 $ 754 Interest cost 6,968 7,134 1,524 1,140 Expected return on plan assets (8,625 ) (7,913 ) (590 ) (616 ) Amortization of prior service cost 75 75 (275 ) (275 ) Net loss recognition 1,678 2,553 1,243 1,299 Net periodic benefit cost $ 5,645 $ 6,797 $ 2,884 $ 2,302 Nine months ended September 30: Service cost $ 16,645 $ 14,770 $ 2,941 $ 2,279 Interest cost 20,906 21,372 4,563 3,676 Expected return on plan assets (26,375 ) (23,681 ) (1,810 ) (1,945 ) Amortization of prior service cost 225 225 (825 ) (825 ) Net loss recognition 5,011 7,394 3,729 3,874 Net periodic benefit cost $ 16,412 $ 20,080 $ 8,598 $ 7,059 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Summary of Significant Factors Impact on Difference Between Effective Tax Rate and Federal Statutory Rate | The following table summarizes the significant factors impacting the difference between our effective tax rate and the federal statutory rate for the three and nine months ended September 30 (dollars in thousands): Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Federal income taxes at statutory rates $ 1,204 21.0 % $ 1,041 21.0 % $ 15,167 21.0 % $ 36,554 21.0 % Increase (decrease) in tax resulting from: Tax effect of regulatory treatment of utility plant differences (2,427 ) (42.3 ) (2,139 ) (43.1 ) (7,244 ) (10.0 ) (6,358 ) (3.7 ) State income tax expense (363 ) (6.3 ) (800 ) (16.1 ) 539 0.7 851 0.5 Settlement of prior year tax returns 524 9.1 (604 ) (12.2 ) 1,565 2.2 1,995 1.1 Acquisition costs — — — — — — (1,712 ) (1.0 ) Non-plant excess deferred turnaround (1) — — (20 ) (0.4 ) (8,476 ) (11.8 ) (5,621 ) (3.2 ) Tax loss on sale of METALfx — — (13 ) (0.2 ) — — (1,272 ) (0.7 ) Valuation allowance — — — — — — 1,245 0.7 Settlement of equity awards — — — — 165 0.2 612 0.4 Other 1,921 33.5 2,404 48.4 (244 ) (0.3 ) 1,851 1.1 Total income tax expense $ 859 15.0 % $ (131 ) (2.6 )% $ 1,472 2.0 % $ 28,145 16.2 % (1) In March 2020, the WUTC approved an all-party settlement agreement related to electric tax benefits that were set aside for Colstrip in the 2020 general rate case order. In the approved settlement agreement, the parties agreed to utilize approximately $10.9 million ($8.4 million when tax-effected) of the electric tax benefits to offset costs associated with accelerating the depreciation of Colstrip Units 3 & 4, to reflect a remaining useful life of those units through December 31, 2025. In the second quarter 2020, the Company recorded a one-time increase to depreciation expense with an offsetting decrease to income tax expense. In March 2019, the IPUC approved an all-party settlement agreement related to electric tax benefits that were set aside for Colstrip in the 2020 general rate case order. In the approved settlement agreement, the parties agreed to utilize approximately $6.4 million ($5.1 million when tax-effected) of the electric tax benefits to offset costs associated with accelerating the depreciation of Colstrip Units 3 & 4, to reflect a remaining useful life of those units through December 31, 2027. In the second quarter 2019, the Company recorded a one-time increase to depreciation expense with an offsetting decrease to income tax expense. |
Committed Lines of Credit (Tabl
Committed Lines of Credit (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Short Term Borrowings [Abstract] | |
Schedule of Balances Outstanding and Interest Rates of Borrowings (Excluding Letters of Credit) | Balances outstanding and interest rates of borrowings (excluding letters of credit) under the Company’s revolving committed line of credit were as follows as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, December 31, 2020 2019 Balance outstanding at end of period $ 50,000 $ 182,300 Letters of credit outstanding at end of period $ 25,573 $ 21,473 Average interest rate at end of period 1.20 % 2.64 % |
Long- Term Debt to Affiliated_2
Long- Term Debt to Affiliated Trust (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Long Term Debt To Affiliated Trust [Abstract] | |
Schedule Of Distribution Rates Paid | The distribution rates paid were as follows during the nine months ended September 30, 2020 and the year ended December 31, 2019: September 30, December 31, 2020 2019 Low distribution rate 1.12 % 2.79 % High distribution rate 2.79 % 3.61 % Distribution rate at the end of the period 1.12 % 2.79 % |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Value and Estimated Fair Value of Financial Instruments | The following table sets forth the carrying value and estimated fair value of the Company’s financial instruments not reported at estimated fair value on the Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, 2020 December 31, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Long-term debt (Level 2) $ 963,500 $ 1,177,454 $ 963,500 $ 1,124,649 Long-term debt (Level 3) 1,112,000 1,265,095 947,000 1,048,440 Snettisham finance lease obligation (Level 3) 52,450 60,500 54,550 58,000 Long-term debt to affiliated trusts (Level 3) 51,547 41,238 51,547 41,238 |
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis | The following table discloses by level within the fair value hierarchy the Company’s assets and liabilities measured and reported on the Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019 at fair value on a recurring basis (dollars in thousands): Level 1 Level 2 Level 3 Counterparty and Cash Collateral Netting (1) Total September 30, 2020 Assets: Energy commodity derivatives $ — $ 35,662 $ — $ (31,923 ) $ 3,739 Foreign currency exchange derivatives — 7 — (7 ) — Deferred compensation assets: Mutual Funds: Fixed income securities (2) 2,498 — — — 2,498 Equity securities (2) 5,824 — — — 5,824 Total $ 8,322 $ 35,669 $ — $ (31,930 ) $ 12,061 Liabilities: Energy commodity derivatives $ — $ 27,024 $ — $ (26,300 ) $ 724 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 3,674 — 3,674 Foreign currency exchange derivatives — 52 — (7 ) 45 Interest rate swap derivatives — 66,598 — (10,100 ) 56,498 Total $ — $ 93,674 $ 3,674 $ (36,407 ) $ 60,941 December 31, 2019 Assets: Energy commodity derivatives $ — $ 41,546 $ — $ (40,452 ) $ 1,094 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 27 (27 ) — Foreign currency exchange derivatives — 97 — — 97 Interest rate swap derivatives — 1,552 — (963 ) 589 Deferred compensation assets: Mutual Funds: Fixed income securities (2) 2,232 — — — 2,232 Equity securities (2) 6,271 — — — 6,271 Total $ 8,503 $ 43,195 $ 27 $ (41,442 ) $ 10,283 Liabilities: Energy commodity derivatives $ — $ 45,144 $ — $ (43,830 ) $ 1,314 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 3,003 (27 ) 2,976 Interest rate swap derivatives — 34,056 — (7,733 ) 26,323 Total $ — $ 79,200 $ 3,003 $ (51,590 ) $ 30,613 (1) The Company is permitted to net derivative assets and derivative liabilities with the same counterparty when a legally enforceable master netting agreement exists. In addition, the Company nets derivative assets and derivative liabilities against any payables and receivables for cash collateral held or placed with these same counterparties. (2) These assets are included in other property and investments-net and other non-current assets on the Condensed Consolidated Balance Sheets. |
Schedule of Quantitative Information | The following table presents the quantitative information which was used to estimate the fair values of the Level 3 assets and liabilities above as of September 30, 2020 Fair Value (Net) at Valuation Unobservable Range and Weighted September 30, 2020 Technique Input Average Price Natural gas exchange agreement $ (3,674 ) Internally derived weighted average cost of gas Forward sales prices $2.51 - $4.77/mmBTU $3.97 Weighted Average Sales volumes 140,000 - 310,000 mmBTUs |
Schedule of Activity For Energy Commodity Derivative Assets (Liabilities) Measured At Fair Value Using Significant Unobservable Inputs (Level 3) | The following table presents activity for energy commodity derivative assets (liabilities) measured at fair value using significant unobservable inputs (Level 3) for the nine months ended September 30 (dollars in thousands): Natural Gas Exchange Agreement Power Exchange Agreement Total Three months ended September 30, 2020: Balance as of July 1, 2020 $ (2,628 ) $ — $ (2,628 ) Total gains or (losses) (realized/unrealized): Included in regulatory assets/liabilities (1) (1,046 ) — (1,046 ) Settlements — — — Ending balance as of September 30, 2020 (2) $ (3,674 ) $ — $ (3,674 ) Three months ended September 30, 2019: Balance as of July 1, 2019 $ (2,992 ) $ — $ (2,992 ) Total gains or (losses) (realized/unrealized): Included in regulatory assets/liabilities (1) (133 ) — (133 ) Settlements (9 ) — (9 ) Ending balance as of September 30, 2019 (2) $ (3,134 ) $ — $ (3,134 ) Nine months ended September 30, 2020: Balance as of January 1, 2020 $ (2,976 ) $ — $ (2,976 ) Total gains or (losses) (realized/unrealized): Included in regulatory assets/liabilities (1) (952 ) — (952 ) Settlements 254 — 254 Ending balance as of September 30, 2020 (2) $ (3,674 ) $ — $ (3,674 ) Nine months ended September 30, 2019: Balance as of January 1, 2019 $ (2,774 ) $ (2,488 ) $ (5,262 ) Total gains or (losses) (realized/unrealized): Included in regulatory assets/liabilities (1) 8,015 436 8,451 Settlements (8,375 ) 2,052 (6,323 ) Ending balance as of September 30, 2019 (2) $ (3,134 ) $ — $ (3,134 ) (1) All gains and losses are included in other regulatory assets and liabilities. There were no gains and losses included in either net income or other comprehensive income during any of the periods presented in the table above. (2) There were no purchases, issuances or transfers from other categories of any derivatives instruments during the periods presented in the table above. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss, Net of Tax | Accumulated other comprehensive loss, net of tax, consisted of the following as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, 2020 December 31, 2019 Unfunded benefit obligation for pensions and other postretirement benefit plans - net of taxes of $2,556 and $2,727, respectively $ 9,614 $ 10,259 |
Reclassification out of Accumulated Other Comprehensive Income | The following table details the reclassifications out of accumulated other comprehensive loss to net income by component for the three and nine months ended September 30 (dollars in thousands). Amounts Reclassified from Accumulated Other Comprehensive Loss Three months ended September 30, Nine months ended September 30, Details about Accumulated Other Comprehensive Loss Components (Affected Line Item in Statement of Income) 2020 2019 2020 2019 Amortization of defined benefit pension items Amortization of net prior service cost (a) $ (200 ) $ (200 ) $ (600 ) $ (600 ) Amortization of net loss (a) 3,120 3,852 9,341 11,268 Adjustment due to effects of regulation (a) (2,642 ) (3,447 ) (7,925 ) (10,057 ) Total before tax (b) 278 205 816 611 Tax expense (b) (58 ) (43 ) (171 ) (128 ) Net of tax (b) $ 220 $ 162 $ 645 $ 483 (a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 6 for additional details). (b) Description is also the affected line item on the Condensed Consolidated Statement of Income |
Earnings Per Common Share Att_2
Earnings Per Common Share Attributable to Avista Corp. Shareholders (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Common Share | The following table presents the computation of basic and diluted earnings per common share attributable to Avista Corp. shareholders for the three and nine months ended September 30 (in thousands, except per share amounts): Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Numerator: Net income attributable to Avista Corp. shareholders $ 4,876 $ 5,090 $ 70,753 $ 146,203 Denominator: Weighted-average number of common shares outstanding-basic 68,194 66,265 67,638 65,964 Effect of dilutive securities: Performance and restricted stock awards 143 86 131 86 Weighted-average number of common shares outstanding-diluted 68,337 66,351 67,769 66,050 Earnings per common share attributable to Avista Corp. shareholders: Basic $ 0.07 $ 0.08 $ 1.05 $ 2.22 Diluted $ 0.07 $ 0.08 $ 1.04 $ 2.21 |
Information by Business Segme_2
Information by Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Business Segments | The following table presents information for each of the Company’s business segments (dollars in thousands): Avista Utilities Alaska Electric Light and Power Company Total Utility Other Intersegment Eliminations (1) Total For the three months ended September 30, 2020: Operating revenues $ 263,564 $ 8,815 $ 272,379 $ 267 $ — $ 272,646 Resource costs 77,843 942 78,785 — — 78,785 Other operating expenses 82,151 3,400 85,551 1,697 — 87,248 Depreciation and amortization 51,499 2,454 53,953 146 — 54,099 Income (loss) from operations 28,284 1,790 30,074 (1,576 ) — 28,498 Interest expense (2) 24,277 1,561 25,838 131 (29 ) 25,940 Income taxes 1,060 59 1,119 (260 ) — 859 Net income (loss) attributable to Avista Corp. shareholders 5,546 268 5,814 (938 ) — 4,876 Capital expenditures (3) 105,494 2,860 108,354 803 — 109,157 For the three months ended September 30, 2019: Operating revenues $ 274,931 $ 7,790 $ 282,721 $ 1,049 $ — $ 283,770 Resource costs 98,397 (73 ) 98,324 — — 98,324 Other operating expenses (4) 76,749 3,363 80,112 1,450 — 81,562 Depreciation and amortization 47,631 2,421 50,052 134 — 50,186 Income (loss) from operations 28,998 1,780 30,778 (535 ) — 30,243 Interest expense (2) 24,634 1,596 26,230 149 (186 ) 26,193 Income taxes 125 82 207 (338 ) — (131 ) Net income (loss) attributable to Avista Corp. shareholders 5,966 197 6,163 (1,073 ) — 5,090 Capital expenditures (3) 118,141 2,836 120,977 920 — 121,897 For the nine months ended September 30, 2020: Operating revenues $ 909,109 $ 31,014 $ 940,123 $ 1,345 $ — $ 941,468 Resource costs 274,468 1,829 276,297 — — 276,297 Other operating expenses 256,570 9,681 266,251 3,716 — 269,967 Depreciation and amortization 161,934 7,348 169,282 569 — 169,851 Income (loss) from operations 137,219 11,337 148,556 (2,939 ) — 145,617 Interest expense (2) 73,449 4,709 78,158 393 (161 ) 78,390 Income taxes 460 1,840 2,300 (828 ) — 1,472 Net income (loss) attributable to Avista Corp. shareholders 69,130 4,991 74,121 (3,368 ) — 70,753 Capital expenditures (3) 291,417 6,417 297,834 1,389 — 299,223 For the nine months ended September 30, 2019: Operating revenues $ 942,441 $ 27,414 $ 969,855 $ 11,208 $ — $ 981,063 Resource costs 325,615 (1,505 ) 324,110 — — 324,110 Other operating expenses (4) 261,934 9,551 271,485 15,137 — 286,622 Depreciation and amortization 147,208 7,237 154,445 498 — 154,943 Income (loss) from operations 130,200 11,309 141,509 (4,427 ) — 137,082 Interest expense (2) 73,214 4,787 78,001 885 (823 ) 78,063 Income taxes 25,722 1,825 27,547 598 — 28,145 Net income attributable to Avista Corp. shareholders 139,086 4,825 143,911 2,292 — 146,203 Capital expenditures (3) 313,747 7,218 320,965 1,104 — 322,069 Total Assets: As of September 30, 2020: $ 5,916,490 $ 269,907 $ 6,186,397 $ 108,681 $ (11,947 ) $ 6,283,131 As of December 31, 2019: $ 5,713,268 $ 271,393 $ 5,984,661 $ 113,390 $ (15,595 ) $ 6,082,456 (1) Intersegment eliminations reported as interest expense represent intercompany interest. (2) Including interest expense to affiliated trusts. (3) The capital expenditures for the other businesses are included in other investing activities on the Condensed Consolidated Statements of Cash Flows. (4) Other operating expenses for Avista Utilities for the nine months ended September 30, 2019 include merger transaction costs which are separately disclosed on the Condensed Consolidated Statements of Income. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($) | |
COVID-19 | |
Accounting Policies [Line Items] | |
Deferred incremental bad debt expense | $ 2.5 |
New Accounting Standards - Addi
New Accounting Standards - Additional Information (Details) | Sep. 30, 2020 |
2016-13 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Change in accounting principle, accounting standards update, adopted | true |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 |
Change in accounting principle, accounting standards update, immaterial effect | true |
2018-13 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Change in accounting principle, accounting standards update, adopted | true |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 |
Change in accounting principle, accounting standards update, immaterial effect | true |
Balance Sheet Components - Mate
Balance Sheet Components - Materials and Supplies, Fuel Stock and Stored Natural Gas (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Materials and supplies | $ 50,599 | $ 47,402 |
Fuel stock | 4,919 | 4,875 |
Stored natural gas | 13,508 | 14,306 |
Total | $ 69,026 | $ 66,583 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Collateral posted for derivative instruments after netting with outstanding derivative liabilities | $ 0 | $ 4,434 |
Prepayments | 15,078 | 19,652 |
Income taxes receivable | 6,951 | 11,047 |
Other | 4,548 | 5,009 |
Total | $ 26,577 | $ 40,142 |
Balance Sheet Components - Net
Balance Sheet Components - Net Utility Property (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Utility plant in service | $ 6,677,671 | $ 6,462,993 |
Construction work in progress | 209,098 | 164,941 |
Total | 6,886,769 | 6,627,934 |
Less: Accumulated depreciation and amortization | 1,956,410 | 1,830,927 |
Total net utility property | $ 4,930,359 | $ 4,797,007 |
Balance Sheet Components - Othe
Balance Sheet Components - Other Property and Investments-Net and Other Non-current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Operating lease ROU assets | $ 71,972 | $ 69,746 |
Finance lease ROU assets | 48,249 | 50,980 |
Non-utility property | 22,397 | 27,159 |
Equity investments | 56,448 | 51,258 |
Investment in affiliated trust | 11,547 | 11,547 |
Notes receivable | 14,265 | 14,060 |
Deferred compensation assets | 9,030 | 8,948 |
Other | 29,235 | 23,394 |
Total | $ 263,143 | $ 257,092 |
Balance Sheet Components - Ot_2
Balance Sheet Components - Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued taxes other than income taxes | $ 41,136 | $ 36,965 |
Employee paid time off accruals | 25,796 | 22,343 |
Accrued interest | 29,608 | 16,486 |
Current portion of pensions and other postretirement benefits | 9,202 | 8,826 |
Derivative liabilities | 4,398 | 10,928 |
Other current liabilities | 30,100 | 35,431 |
Total other current liabilities | $ 140,240 | $ 130,979 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Other Non-Current Liabilities and Deferred Credits (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Operating lease liabilities | $ 70,758 | $ 65,565 |
Finance lease liabilities | 49,549 | 51,750 |
Deferred investment tax credits | 30,021 | 30,444 |
Asset retirement obligations | 19,743 | 20,338 |
Derivative liabilities | 56,498 | 19,685 |
Other | 13,901 | 13,407 |
Total | $ 240,470 | $ 201,189 |
Balance Sheet Components - Sc_3
Balance Sheet Components - Schedule of Regulatory Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Regulated Asset Liability [Line Items] | |||
Regulatory assets | $ 11,194 | $ 21,851 | |
Non-current regulatory assets | 737,541 | 670,802 | |
Regulatory liabilities | 48,902 | 51,715 | |
Non-current regulatory liabilities | 773,641 | 775,436 | |
Income Tax Related | |||
Regulated Asset Liability [Line Items] | |||
Regulatory liabilities | 13,598 | 23,803 | |
Non-current regulatory liabilities | 397,082 | 407,549 | |
Natural Gas Deferrals [Member] | |||
Regulated Asset Liability [Line Items] | |||
Regulatory liabilities | 0 | 3,189 | |
Non-current regulatory liabilities | 0 | 0 | |
Power Deferrals Regulatory Liability [Member] | |||
Regulated Asset Liability [Line Items] | |||
Regulatory liabilities | 22,384 | 14,155 | |
Non-current regulatory liabilities | 17,166 | 23,544 | |
Decoupling surcharge | |||
Regulated Asset Liability [Line Items] | |||
Regulatory liabilities | 1,663 | 255 | |
Non-current regulatory liabilities | 2,583 | 2,398 | |
Provision for Rate Refunds [Member] | |||
Regulated Asset Liability [Line Items] | |||
Regulatory liabilities | 5,967 | $ 8,500 | 3,565 |
Non-current regulatory liabilities | 0 | 0 | |
Removal Costs [Member] | |||
Regulated Asset Liability [Line Items] | |||
Regulatory liabilities | 0 | 0 | |
Non-current regulatory liabilities | 322,129 | 312,403 | |
Interest rate swaps | |||
Regulated Asset Liability [Line Items] | |||
Regulatory liabilities | 0 | 0 | |
Non-current regulatory liabilities | 15,409 | 17,088 | |
Other Regulatory Assets (Liabilities) [Member] | |||
Regulated Asset Liability [Line Items] | |||
Regulatory liabilities | 5,290 | 6,748 | |
Non-current regulatory liabilities | 19,272 | 12,454 | |
Energy commodity derivatives | |||
Regulated Asset Liability [Line Items] | |||
Regulatory assets | 0 | 6,310 | |
Non-current regulatory assets | 0 | 264 | |
Decoupling surcharge | |||
Regulated Asset Liability [Line Items] | |||
Regulatory assets | 8,414 | 12,098 | |
Non-current regulatory assets | 16,742 | 14,806 | |
Pension and other postretirement benefit plans | |||
Regulated Asset Liability [Line Items] | |||
Regulatory assets | 0 | 0 | |
Non-current regulatory assets | 200,829 | 208,754 | |
Interest rate swaps | |||
Regulated Asset Liability [Line Items] | |||
Regulatory assets | 0 | 0 | |
Non-current regulatory assets | 232,088 | 168,594 | |
Income Tax Related | |||
Regulated Asset Liability [Line Items] | |||
Regulatory assets | 0 | 0 | |
Non-current regulatory assets | 99,289 | 95,752 | |
Settlement with Coeur d'Alene Tribe | |||
Regulated Asset Liability [Line Items] | |||
Regulatory assets | 0 | 0 | |
Non-current regulatory assets | 40,349 | 41,332 | |
AFUDC above FERC allowed rate | |||
Regulated Asset Liability [Line Items] | |||
Regulatory assets | 0 | 0 | |
Non-current regulatory assets | 44,504 | 40,749 | |
Demand side management programs | |||
Regulated Asset Liability [Line Items] | |||
Regulatory assets | 0 | 0 | |
Non-current regulatory assets | 4,147 | 12,170 | |
Utility plant to be abandoned | |||
Regulated Asset Liability [Line Items] | |||
Regulatory assets | 0 | 0 | |
Non-current regulatory assets | 27,200 | 31,291 | |
Other Regulatory Assets (Liabilities) [Member] | |||
Regulated Asset Liability [Line Items] | |||
Regulatory assets | 2,780 | 3,443 | |
Non-current regulatory assets | $ 72,393 | $ 57,090 |
Revenue - Schedule of Utilities
Revenue - Schedule of Utilities Operating Revenue Expense Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | ||||
Utility-related taxes | $ 12,411 | $ 11,867 | $ 43,989 | $ 43,644 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) $ in Millions | Sep. 30, 2020USD ($) |
Revenue From Contract With Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 2.4 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 272,646 | $ 283,770 | $ 941,468 | $ 981,063 |
Residential Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 88,644 | 81,312 | 285,467 | 279,166 |
Commercial and Governmental Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 84,824 | 86,209 | 244,355 | 251,488 |
Industrial Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 28,472 | 28,453 | 77,999 | 79,946 |
Public Street and Highway Lighting Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 1,910 | 1,915 | 5,659 | 5,836 |
Retail Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 203,850 | 197,889 | 613,480 | 616,436 |
Transmission Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 5,938 | 4,058 | 14,121 | 13,460 |
Other Electric Revenues from Contracts With Customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 4,551 | 5,860 | 13,256 | 18,433 |
Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 214,339 | 207,807 | 640,857 | 648,329 |
Avista Utilities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 263,564 | 274,931 | 909,109 | 942,441 |
Avista Utilities [Member] | Residential Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 85,494 | 78,548 | 272,231 | 266,826 |
Avista Utilities [Member] | Commercial and Governmental Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 79,242 | 81,352 | 226,876 | 236,973 |
Avista Utilities [Member] | Industrial Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 28,472 | 28,453 | 77,999 | 79,946 |
Avista Utilities [Member] | Public Street and Highway Lighting Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 1,845 | 1,849 | 5,474 | 5,648 |
Avista Utilities [Member] | Retail Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 195,053 | 190,202 | 582,580 | 589,393 |
Avista Utilities [Member] | Transmission Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 5,938 | 4,058 | 14,121 | 13,460 |
Avista Utilities [Member] | Other Electric Revenues from Contracts With Customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 4,551 | 5,860 | 13,256 | 18,433 |
Avista Utilities [Member] | Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 205,542 | 200,120 | 609,957 | 621,286 |
Avista Utilities [Member] | Residential Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 20,835 | 20,271 | 139,833 | 125,543 |
Avista Utilities [Member] | Commercial and Governmental Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 9,340 | 10,093 | 62,883 | 60,056 |
Avista Utilities [Member] | Industrial and Interruptible Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 1,538 | 1,000 | 5,276 | 3,730 |
Avista Utilities [Member] | Retail Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 31,713 | 31,364 | 207,992 | 189,329 |
Avista Utilities [Member] | Transmission Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 1,656 | 1,925 | 5,747 | 6,448 |
Avista Utilities [Member] | Other Natural Gas Revenues from Contracts With Customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 1,125 | 1,125 | 3,375 | 3,375 |
Avista Utilities [Member] | Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 34,494 | 34,414 | 217,114 | 199,152 |
Avista Utilities [Member] | Revenue from Contracts with Customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 240,036 | 234,534 | 827,071 | 820,438 |
Avista Utilities [Member] | Derivative revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 24,075 | 33,372 | 79,361 | 99,628 |
Avista Utilities [Member] | Alternative Revenue Programs [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | (3,972) | 6,038 | (4,023) | 11,105 |
Avista Utilities [Member] | Deferrals and Amortizations for Rate Refunds to Customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,742 | (927) | 1,216 | 3,720 |
Avista Utilities [Member] | Other Utility Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,683 | 1,914 | 5,484 | 7,550 |
Alaska Electric Light & Power [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 8,815 | 7,790 | 31,014 | 27,414 |
Alaska Electric Light & Power [Member] | Residential Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 3,150 | 2,764 | 13,236 | 12,340 |
Alaska Electric Light & Power [Member] | Commercial and Governmental Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 5,582 | 4,857 | 17,479 | 14,515 |
Alaska Electric Light & Power [Member] | Industrial Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 0 | 0 | 0 | 0 |
Alaska Electric Light & Power [Member] | Public Street and Highway Lighting Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 65 | 66 | 185 | 188 |
Alaska Electric Light & Power [Member] | Retail Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 8,797 | 7,687 | 30,900 | 27,043 |
Alaska Electric Light & Power [Member] | Transmission Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 0 | 0 | 0 | 0 |
Alaska Electric Light & Power [Member] | Other Electric Revenues from Contracts With Customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 0 | 0 | 0 | 0 |
Alaska Electric Light & Power [Member] | Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 8,797 | 7,687 | 30,900 | 27,043 |
Alaska Electric Light & Power [Member] | Revenue from Contracts with Customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 8,797 | 7,687 | 30,900 | 27,043 |
Alaska Electric Light & Power [Member] | Deferrals and Amortizations for Rate Refunds to Customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | (48) | (48) | (143) | (143) |
Alaska Electric Light & Power [Member] | Other Utility Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 66 | 151 | 257 | 514 |
Corporate and Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 267 | 1,049 | 1,345 | 11,208 |
Corporate and Other [Member] | Revenue from Contracts with Customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 3 | 731 | 521 | 10,402 |
Corporate and Other [Member] | Other Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 264 | $ 318 | $ 824 | $ 806 |
Derivatives and Risk Manageme_3
Derivatives and Risk Management - Schedule of Energy Commodity Derivative Volumes (Details) frequency in Thousands, MWh in Thousands, MMBTU in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020MWhMMBTUfrequency | Dec. 31, 2019MWhMMBTU | |
Purchase [Member] | Physical [Member] | Electric Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2020 | 0 | 2 |
2021 | 0 | 0 |
2022 | 0 | 0 |
2023 | 0 | 0 |
2024 | 0 | 0 |
Thereafter | 0 | 0 |
Purchase [Member] | Physical [Member] | Gas Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2020 | MMBTU | 8,502 | 9,813 |
2021 | MMBTU | 6,380 | 153 |
2022 | MMBTU | 450 | 225 |
2023 | MMBTU | 0 | 0 |
2024 | MMBTU | 0 | 0 |
Thereafter | MMBTU | 0 | 0 |
Purchase [Member] | Financial [Member] | Electric Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2020 | 262 | 442 |
2021 | 123 | 0 |
2022 | 0 | 0 |
2023 | 0 | 0 |
2024 | 0 | 0 |
Thereafter | 0 | 0 |
Purchase [Member] | Financial [Member] | Gas Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2020 | MMBTU | 32,730 | 78,803 |
2021 | MMBTU | 54,455 | 25,523 |
2022 | MMBTU | 17,080 | 4,725 |
2023 | MMBTU | 2,700 | 0 |
2024 | MMBTU | 0 | 0 |
Thereafter | MMBTU | 0 | 0 |
Sales [Member] | Physical [Member] | Electric Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2020 | 38 | 133 |
2021 | 0 | 0 |
2022 | 0 | 0 |
2023 | 0 | 0 |
2024 | 0 | 0 |
Thereafter | 0 | 0 |
Sales [Member] | Physical [Member] | Gas Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2020 | MMBTU | 2,138 | 2,984 |
2021 | MMBTU | 2,840 | 1,040 |
2022 | MMBTU | 0 | 0 |
2023 | 0 | 0 |
2024 | 0 | 0 |
Thereafter | MMBTU | 0 | 0 |
Sales [Member] | Financial [Member] | Electric Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2020 | 409 | 1,724 |
2021 | 307 | 246 |
2022 | 0 | 0 |
2023 | 0 | 0 |
2024 | 0 | 0 |
Thereafter | 0 | 0 |
Sales [Member] | Financial [Member] | Gas Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2020 | MMBTU | 12,650 | 37,848 |
2021 | MMBTU | 34,710 | 13,108 |
2022 | MMBTU | 6,020 | 675 |
2023 | MMBTU | 0 | 0 |
2024 | 0 | 0 |
Thereafter | MMBTU | 0 | 0 |
Derivatives and Risk Manageme_4
Derivatives and Risk Management - Additional Information (Details) | Jun. 30, 2020USD ($)Contract | Jul. 31, 2020USD ($) | Sep. 30, 2020USD ($)MWhMMBTU | Sep. 30, 2019USD ($) | Dec. 31, 2019MWhMMBTU |
Derivative [Line Items] | |||||
Payments for (proceeds from) derivative instrument operating activities | $ | $ 33,499,000 | $ 13,325,000 | |||
Canadian [Member] | |||||
Derivative [Line Items] | |||||
Number of days Canadian currency prices are settled with U.S. dollars | 60 days | ||||
Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Number of interest rate swaps settled | Contract | 7 | ||||
Settled derivative notional amount | $ | $ 70,000,000 | ||||
Payments for (proceeds from) derivative instrument operating activities | $ | $ 33,500,000 | ||||
Purchase [Member] | Physical [Member] | Electric Derivative [Member] | |||||
Derivative [Line Items] | |||||
Expected deliveries of energy commodity derivatives after 2023 | MWh | 0 | ||||
Expected deliveries of energy commodity derivatives after 2022 | MWh | 0 | ||||
Purchase [Member] | Physical [Member] | Gas Derivative [Member] | |||||
Derivative [Line Items] | |||||
Expected deliveries of energy commodity derivatives after 2023 | MMBTU | 0 | ||||
Expected deliveries of energy commodity derivatives after 2022 | MMBTU | 0 | ||||
Purchase [Member] | Financial [Member] | Electric Derivative [Member] | |||||
Derivative [Line Items] | |||||
Expected deliveries of energy commodity derivatives after 2023 | MWh | 0 | ||||
Expected deliveries of energy commodity derivatives after 2022 | MWh | 0 | ||||
Purchase [Member] | Financial [Member] | Gas Derivative [Member] | |||||
Derivative [Line Items] | |||||
Expected deliveries of energy commodity derivatives after 2023 | MMBTU | 0 | ||||
Expected deliveries of energy commodity derivatives after 2022 | MMBTU | 0 | ||||
Sales [Member] | Physical [Member] | Electric Derivative [Member] | |||||
Derivative [Line Items] | |||||
Expected deliveries of energy commodity derivatives after 2023 | MWh | 0 | ||||
Expected deliveries of energy commodity derivatives after 2022 | MWh | 0 | ||||
Sales [Member] | Physical [Member] | Gas Derivative [Member] | |||||
Derivative [Line Items] | |||||
Expected deliveries of energy commodity derivatives after 2023 | MMBTU | 0 | ||||
Expected deliveries of energy commodity derivatives after 2022 | MMBTU | 0 | ||||
Sales [Member] | Financial [Member] | Electric Derivative [Member] | |||||
Derivative [Line Items] | |||||
Expected deliveries of energy commodity derivatives after 2023 | MWh | 0 | ||||
Expected deliveries of energy commodity derivatives after 2022 | MWh | 0 | ||||
Sales [Member] | Financial [Member] | Gas Derivative [Member] | |||||
Derivative [Line Items] | |||||
Expected deliveries of energy commodity derivatives after 2023 | MMBTU | 0 | ||||
Expected deliveries of energy commodity derivatives after 2022 | MMBTU | 0 |
Derivatives and Risk Manageme_5
Derivatives and Risk Management - Summary of Foreign Currency Exchange Derivatives (Details) $ in Thousands, $ in Thousands | Sep. 30, 2020USD ($)derivative_contracts | Sep. 30, 2020CAD ($)derivative_contracts | Dec. 31, 2019USD ($)derivative_contracts | Dec. 31, 2019CAD ($)derivative_contracts |
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||||
Number of contracts | derivative_contracts | 24 | 24 | 20 | 20 |
United States of America, Dollars [Member] | Foreign Exchange Contract [Member] | ||||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||||
Notional amount | $ 5,887 | $ 5,932 | ||
Canada, Dollars [Member] | Foreign Exchange Contract [Member] | ||||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||||
Notional amount | $ 7,777 | $ 7,828 |
Derivatives and Risk Manageme_6
Derivatives and Risk Management - Summary of Unsettled Interest Rate Swap Derivatives (Details) - Interest Rate Swap [Member] $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($)Contract | Dec. 31, 2019USD ($)Contract | |
2021 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of Contracts | Contract | 4 | 3 |
Notional Amount | $ | $ 45,000 | $ 35,000 |
Mandatory Cash Settlement Date | 2021 | 2021 |
2022 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of Contracts | Contract | 11 | 10 |
Notional Amount | $ | $ 120,000 | $ 110,000 |
Mandatory Cash Settlement Date | 2022 | 2022 |
2023 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of Contracts | Contract | 1 | |
Notional Amount | $ | $ 10,000 | |
Mandatory Cash Settlement Date | 2023 | |
2020 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of Contracts | Contract | 7 | |
Notional Amount | $ | $ 70,000 | |
Mandatory Cash Settlement Date | 2020 |
Derivatives and Risk Manageme_7
Derivatives and Risk Management - Schedules of Fair Values and Locations of Derivative Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Gross Asset | $ 35,669 | $ 43,222 |
Gross Liability | (97,348) | (82,203) |
Collateral Netted | 4,477 | 10,148 |
Net Asset (Liability) on Balance Sheet | (57,202) | (28,833) |
Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Collateral Netted | 10,100 | 6,770 |
Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Collateral Netted | (5,623) | 3,378 |
Other Current Liabilities [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 7 | |
Gross Liability | (52) | |
Collateral Netted | 0 | |
Net Asset (Liability) on Balance Sheet | (45) | |
Other Current Liabilities [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 238 | |
Gross Liability | (9,379) | |
Collateral Netted | 1,316 | |
Net Asset (Liability) on Balance Sheet | (7,825) | |
Other Current Liabilities [Member] | Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 136 | 34,760 |
Gross Liability | (4,534) | (41,241) |
Collateral Netted | 0 | 3,378 |
Net Asset (Liability) on Balance Sheet | (4,398) | (3,103) |
Other Current Assets [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 97 | |
Gross Liability | 0 | |
Collateral Netted | 0 | |
Net Asset (Liability) on Balance Sheet | 97 | |
Other Current Assets [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 589 | |
Gross Liability | 0 | |
Collateral Netted | 0 | |
Net Asset (Liability) on Balance Sheet | 589 | |
Other Current Assets [Member] | Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 27,305 | 416 |
Gross Liability | (22,188) | (245) |
Collateral Netted | (4,551) | 0 |
Net Asset (Liability) on Balance Sheet | 566 | 171 |
Other Property And Investments Net And Other Non-current Assets [Member] | Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 8,221 | 6,369 |
Gross Liability | (3,976) | (5,446) |
Collateral Netted | (1,072) | 0 |
Net Asset (Liability) on Balance Sheet | 3,173 | 923 |
Other Noncurrent Liabilities [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 0 | 725 |
Gross Liability | (66,598) | (24,677) |
Collateral Netted | 10,100 | 5,454 |
Net Asset (Liability) on Balance Sheet | $ (56,498) | (18,498) |
Other Noncurrent Liabilities [Member] | Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 28 | |
Gross Liability | (1,215) | |
Collateral Netted | 0 | |
Net Asset (Liability) on Balance Sheet | $ (1,187) |
Derivatives and Risk Manageme_8
Derivatives and Risk Management - Schedule of Collateral Outstanding Related to Derivative Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Balance sheet offsetting | $ 4,477 | $ 10,148 |
Commodity Contracts [Member] | ||
Derivative [Line Items] | ||
Cash collateral posted | 7,812 | |
Letters of credit outstanding | 21,500 | 17,400 |
Balance sheet offsetting | (5,623) | 3,378 |
Liabilities with credit-risk-related contingent features | 3 | 814 |
Additional collateral to post | 3 | 814 |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Cash collateral posted | 10,100 | 6,770 |
Balance sheet offsetting | 10,100 | 6,770 |
Liabilities with credit-risk-related contingent features | 66,598 | 34,056 |
Additional collateral to post | $ 56,498 | $ 26,912 |
Pension Plans and Other Postr_3
Pension Plans and Other Postretirement Benefit Plans - Additional Information (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Payment for pension benefits | $ 22,000,000 | $ 22,000,000 |
Percentage of service related net periodic benefit costs capitalized to utility property | 40.00% | |
Percentage of service related net periodic benefit costs recorded to operating expenses | 60.00% | |
Percentage of non-service related net periodic benefit costs capitalized to regulatory assets | 40.00% | |
Percentage of non-service related net periodic benefit costs recorded to other expense | 60.00% | |
Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, expected future employer contributions, next fiscal year | $ 0 |
Pension Plans and Other Postr_4
Pension Plans and Other Postretirement Benefit Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 5,549 | $ 4,948 | $ 16,645 | $ 14,770 |
Interest cost | 6,968 | 7,134 | 20,906 | 21,372 |
Expected return on plan assets | (8,625) | (7,913) | (26,375) | (23,681) |
Amortization of prior service cost | 75 | 75 | 225 | 225 |
Net loss recognition | 1,678 | 2,553 | 5,011 | 7,394 |
Net periodic benefit cost | 5,645 | 6,797 | 16,412 | 20,080 |
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 982 | 754 | 2,941 | 2,279 |
Interest cost | 1,524 | 1,140 | 4,563 | 3,676 |
Expected return on plan assets | (590) | (616) | (1,810) | (1,945) |
Amortization of prior service cost | (275) | (275) | (825) | (825) |
Net loss recognition | 1,243 | 1,299 | 3,729 | 3,874 |
Net periodic benefit cost | $ 2,884 | $ 2,302 | $ 8,598 | $ 7,059 |
Income Taxes - Summary of Signi
Income Taxes - Summary of Significant Factors Impact on Difference Between Effective Tax Rate and Federal Statutory Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Federal income taxes at statutory rates, amount | $ 1,204 | $ 1,041 | $ 15,167 | $ 36,554 |
Tax effect of regulatory treatment of utility plant differences, amount | (2,427) | (2,139) | (7,244) | (6,358) |
State income tax expense, amount | (363) | (800) | 539 | 851 |
Settlement of prior year tax returns, amount | 524 | (604) | 1,565 | 1,995 |
Acquisition costs, amount | 0 | 0 | 0 | (1,712) |
Non-plant excess deferred turnaround, amount | 0 | (20) | (8,476) | (5,621) |
Tax loss on sale of METALfx, amount | 0 | (13) | 0 | (1,272) |
Valuation allowance, amount | 0 | 0 | 0 | 1,245 |
Settlement of equity awards, amount | 0 | 0 | 165 | 612 |
Other, amount | 1,921 | 2,404 | (244) | 1,851 |
Total income tax expense, amount | $ 859 | $ (131) | $ 1,472 | $ 28,145 |
Federal income taxes at statutory rates, percent | 21.00% | 21.00% | 21.00% | 21.00% |
Tax effect of regulatory treatment of utility plant differences, percent | (42.30%) | (43.10%) | (10.00%) | (3.70%) |
State income tax expense, percent | (6.30%) | (16.10%) | 0.70% | 0.50% |
Settlement of prior year tax returns, percent | 9.10% | (12.20%) | 2.20% | 1.10% |
Acquisition costs, percent | 0.00% | 0.00% | 0.00% | (1.00%) |
Non-plant excess deferred turnaround, percent | 0.00% | (0.40%) | (11.80%) | (3.20%) |
Tax loss on sale of METALfx, percent | 0.00% | (0.20%) | 0.00% | (0.70%) |
Valuation allowance, percent | 0.00% | 0.00% | 0.00% | 0.70% |
Settlement of equity awards, percent | 0.00% | 0.00% | 0.20% | 0.40% |
Other, percent | 33.50% | 48.40% | (0.30%) | 1.10% |
Total income tax expense, percent | 15.00% | (2.60%) | 2.00% | 16.20% |
Income Taxes - Summary of Sig_2
Income Taxes - Summary of Significant Factors Impact on Difference Between Effective Tax Rate and Federal Statutory Rate (Parenthetical) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Effective Tax Rate Reconciliation [Line Items] | |||||||
Regulatory liabilities | $ 48,902 | $ 48,902 | $ 51,715 | ||||
Non-plant excess deferred turnaround, amount | 0 | $ (20) | (8,476) | $ (5,621) | |||
WUTC | |||||||
Effective Tax Rate Reconciliation [Line Items] | |||||||
Non-plant excess deferred turnaround, amount | $ 8,400 | ||||||
IPUC | |||||||
Effective Tax Rate Reconciliation [Line Items] | |||||||
Non-plant excess deferred turnaround, amount | $ 5,100 | ||||||
Income Tax Related | |||||||
Effective Tax Rate Reconciliation [Line Items] | |||||||
Regulatory liabilities | $ 13,598 | $ 13,598 | $ 23,803 | ||||
Income Tax Related | WUTC | |||||||
Effective Tax Rate Reconciliation [Line Items] | |||||||
Regulatory liabilities | $ 10,900 | ||||||
Income Tax Related | IPUC | |||||||
Effective Tax Rate Reconciliation [Line Items] | |||||||
Regulatory liabilities | $ 6,400 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) $ in Millions | 1 Months Ended |
Oct. 31, 2020USD ($) | |
Subsequent Event | |
Effective Tax Rate Reconciliation [Line Items] | |
Increase in deferred income tax | $ 62 |
Committed Lines of Credit - Add
Committed Lines of Credit - Additional Information (Details) - USD ($) | 9 Months Ended | |||
Sep. 30, 2020 | Dec. 31, 2019 | Jul. 01, 2014 | Apr. 30, 2014 | |
Short-term Debt [Line Items] | ||||
Document Period End Date | Sep. 30, 2020 | |||
Avista Utilities [Member] | ||||
Short-term Debt [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 400,000,000 | |||
Line of credit, current | $ 50,000,000 | $ 182,300,000 | ||
Letters of credit outstanding at end of period | 25,573,000 | 21,473,000 | ||
Alaska Electric Light & Power [Member] | ||||
Short-term Debt [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 25,000,000 | |||
Line of credit, current | 0 | 3,500,000 | ||
Letters of credit outstanding at end of period | $ 0 | $ 0 |
Committed Lines of Credit - Sch
Committed Lines of Credit - Schedule of Balances Outstanding and Interest Rates of Borrowings (Excluding Letters of Credit) (Details) - Avista Utilities [Member] - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Short-term Debt [Line Items] | ||
Balance outstanding at end of period | $ 50,000 | $ 182,300 |
Letters of credit outstanding at end of period | $ 25,573 | $ 21,473 |
Average interest rate at end of period | 1.20% | 2.64% |
Credit Agreement - Additional I
Credit Agreement - Additional Information (Details) - Avista Utilities [Member] $ in Millions | Apr. 06, 2020USD ($) |
Short-term Debt [Line Items] | |
Maximum borrowing capacity credit agreement | $ 100 |
Credit agreement, base rate | 1.25% |
Credit agreement, expiration date | Apr. 5, 2021 |
Credit agreement, covenant interest rate | 65.00% |
Credit agreement amount borrowed | $ 100 |
Long-Term Debt- Additional Info
Long-Term Debt- Additional Information (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020USD ($)Contract | Sep. 30, 2019USD ($) | |
Debt Instrument [Line Items] | ||
Payments for (proceeds from) derivative instrument operating activities | $ 33,499 | $ 13,325 |
3.07% Due in 2050 [member] | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 400,000 | |
3.07% Due in 2050 [member] | First Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt | $ 165,000 | |
Interest rate | 3.07% | |
Maturity year | 2050 | |
Number of interest rate swaps settled | Contract | 7 | |
Settled derivative notional amount | $ 70,000 | |
Repayments of debt | $ 52,000 |
Long- Term Debt to Affiliated_3
Long- Term Debt to Affiliated Trust - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2000 | Dec. 31, 1997 | |
Debt Instrument [Line Items] | |||
Junior subordinated debenture owed to unconsolidated subsidiary trust | $ 51.5 | $ 51.5 | |
Proceeds from the issuance of common trust securities | 1.5 | ||
Payments for repurchase of trust preferred securities | $ 10 | ||
Avista Corp [Member] | |||
Debt Instrument [Line Items] | |||
Noncontrolling interest, ownership percentage by parent | 100.00% | ||
Trust Preferred Securities Subject to Mandatory Redemption [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from (repurchase of) trust preferred securities | $ 50 | ||
Debt instrument, description of variable rate basis | LIBOR | ||
Debt instrument, basis spread on variable rate | 0.875% |
Long-Term Debt to Affiliated Tr
Long-Term Debt to Affiliated Trust - Schedule of Distribution Rates Paid (Details) - Trust Preferred Securities Subject to Mandatory Redemption [Member] | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Interest rate | 1.12% | 2.79% |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.12% | 2.79% |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.79% | 3.61% |
Fair Value - Schedule of Carryi
Fair Value - Schedule of Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Level 2 [Member] | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $ 963,500 | $ 963,500 |
Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 1,177,454 | 1,124,649 |
Level 3 [Member] | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 1,112,000 | 947,000 |
Level 3 [Member] | Reported Value Measurement [Member] | Alaska Electric Light & Power [Member] | Finance Lease [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Finance Lease, Liability | 52,450 | 54,550 |
Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 1,265,095 | 1,048,440 |
Level 3 [Member] | Estimate of Fair Value Measurement [Member] | Alaska Electric Light & Power [Member] | Finance Lease [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Finance Lease, Liability | 60,500 | 58,000 |
Affiliated Entity [Member] | Level 3 [Member] | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 51,547 | 51,547 |
Affiliated Entity [Member] | Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $ 41,238 | $ 41,238 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) $ in Thousands | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 84,747 | $ 9,896 |
Fixed Income Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 500 | $ 400 |
Measurement Input, Quoted Price [Member] | Secured and Unsecured Debt [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, measurement input | 100 | |
Measurement Input, Quoted Price [Member] | Minimum [Member] | Secured and Unsecured Debt [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, measurement input | 80 | |
Measurement Input, Quoted Price [Member] | Maximum [Member] | Secured and Unsecured Debt [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, measurement input | 143.51 |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Gross Asset | $ 35,669 | $ 43,222 |
Liability | 97,348 | 82,203 |
Fair Value, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 12,061 | 10,283 |
Financial Liabilities Fair Value Disclosure | 60,941 | 30,613 |
Counterparty and Cash Collateral Netting, Assets | (31,930) | (41,442) |
Counterparty and Cash Collateral Netting, Liabilities | (36,407) | (51,590) |
Fair Value, Recurring [Member] | Fixed Income Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred compensation assets: | 2,498 | 2,232 |
Fair Value, Recurring [Member] | Equity Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred compensation assets: | 5,824 | 6,271 |
Fair Value, Recurring [Member] | Energy commodity derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Counterparty and Cash Collateral Netting, Assets | (31,923) | (40,452) |
Derivative Asset | 3,739 | 1,094 |
Counterparty and Cash Collateral Netting, Liabilities | (26,300) | (43,830) |
Derivative Liability | 724 | 1,314 |
Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Counterparty and Cash Collateral Netting, Assets | (7) | |
Derivative Asset | 97 | |
Counterparty and Cash Collateral Netting, Liabilities | (7) | |
Derivative Liability | 45 | |
Fair Value, Recurring [Member] | Natural Gas Exchange Agreements [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Counterparty and Cash Collateral Netting, Assets | (27) | |
Counterparty and Cash Collateral Netting, Liabilities | (27) | |
Derivative Liability | 3,674 | 2,976 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Counterparty and Cash Collateral Netting, Assets | (963) | |
Derivative Asset | 589 | |
Counterparty and Cash Collateral Netting, Liabilities | (10,100) | (7,733) |
Derivative Liability | 56,498 | 26,323 |
Fair Value, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 8,322 | 8,503 |
Fair Value, Recurring [Member] | Level 1 [Member] | Fixed Income Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred compensation assets: | 2,498 | 2,232 |
Fair Value, Recurring [Member] | Level 1 [Member] | Equity Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred compensation assets: | 5,824 | 6,271 |
Fair Value, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 35,669 | 43,195 |
Financial Liabilities Fair Value Disclosure | 93,674 | 79,200 |
Fair Value, Recurring [Member] | Level 2 [Member] | Energy commodity derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Gross Asset | 35,662 | 41,546 |
Liability | 27,024 | 45,144 |
Fair Value, Recurring [Member] | Level 2 [Member] | Foreign Exchange Contract [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Gross Asset | 7 | 97 |
Liability | 52 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Gross Asset | 1,552 | |
Liability | 66,598 | 34,056 |
Fair Value, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 27 | |
Financial Liabilities Fair Value Disclosure | 3,674 | 3,003 |
Fair Value, Recurring [Member] | Level 3 [Member] | Natural Gas Exchange Agreements [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Gross Asset | 27 | |
Liability | $ 3,674 | $ 3,003 |
Fair Value - Schedule of Quanti
Fair Value - Schedule of Quantitative Information (Details) - Natural Gas Exchange Agreements [Member] $ in Thousands | 9 Months Ended | |
Sep. 30, 2020USD ($)MMBTU$ / MMBTU | Dec. 31, 2019USD ($) | |
Fair Value, Recurring [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Liability | $ | $ (3,674) | $ (2,976) |
Sales [Member] | Minimum [Member] | Internally Derived Weighted Average Cost Of Gas [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Forward Price | 2.51 | |
Transaction/Delivery Volumes | MMBTU | 140,000 | |
Sales [Member] | Maximum [Member] | Internally Derived Weighted Average Cost Of Gas [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Forward Price | 4.77 | |
Transaction/Delivery Volumes | MMBTU | 310,000 | |
Sales [Member] | Weighted Average [Member] | Internally Derived Weighted Average Cost Of Gas [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Forward Price | 3.97 |
Fair Value - Schedule of Activi
Fair Value - Schedule of Activity For Energy Commodity Derivative Assets (Liabilities) Measured At Fair Value Using Significant Unobservable Inputs (Level 3) (Details) - Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Fair Value Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | $ (2,628) | $ (2,992) | $ (2,976) | $ (5,262) |
Included in regulatory assets/liabilities | (1,046) | (133) | (952) | 8,451 |
Settlements | (9) | 254 | (6,323) | |
Ending Balance | (3,674) | (3,134) | (3,674) | (3,134) |
Natural Gas Exchange Agreements [Member] | ||||
Fair Value Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | (2,628) | (2,992) | (2,976) | (2,774) |
Included in regulatory assets/liabilities | (1,046) | (133) | (952) | 8,015 |
Settlements | (9) | 254 | (8,375) | |
Ending Balance | $ (3,674) | $ (3,134) | $ (3,674) | (3,134) |
Power Exchange Agreements [Member] | ||||
Fair Value Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | (2,488) | |||
Included in regulatory assets/liabilities | 436 | |||
Settlements | $ 2,052 |
Common Stock - Narrative (Detai
Common Stock - Narrative (Details) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020shares | Jun. 30, 2020Agreement | Sep. 30, 2019shares | Sep. 30, 2020shares | Sep. 30, 2019shares | Dec. 31, 2019shares | |
Class Of Stock [Line Items] | ||||||
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | |||
Common Stock [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Shares issued under sales agency agreements | 821,196 | 597,672 | 1,557,465 | 1,020,633 | ||
Sales Agency Agreement | ||||||
Class Of Stock [Line Items] | ||||||
Number of agreement | Agreement | 4 | |||||
Common stock, shares authorized | 3,200,000 | 3,200,000 | ||||
Common stock shares authorized under sales agency agreements remaining shares authorized to sell | 1,800,000 | 1,800,000 | ||||
Sales Agency Agreement | Common Stock [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Shares issued under sales agency agreements | 800,000 | 1,400,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accumulated Other Comprehensive Loss [Abstract] | ||
Unfunded benefit obligation for pensions and other postretirement benefit plans - net of taxes of $2,556 and $2,727, respectively | $ 9,614 | $ 10,259 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss, Net of Tax (Parenthetical) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accumulated Other Comprehensive Loss [Abstract] | ||
Accumulated other comprehensive income (loss), pension and other postretirement benefit plans net unamortized (gain) loss, tax | $ 2,556 | $ 2,727 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss - Reclassification out of Accumulated Other Comprehensive Income (Details) - Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] - Reclassification out of Accumulated Other Comprehensive Income [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of net prior service cost | $ (200) | $ (200) | $ (600) | $ (600) |
Amortization of net loss | 3,120 | 3,852 | 9,341 | 11,268 |
Adjustment due to effects of regulation | (2,642) | (3,447) | (7,925) | (10,057) |
Other comprehensive (income) loss, defined benefit plan, reclassification adjustment from AOCI, before tax | 278 | 205 | 816 | 611 |
Other comprehensive (income) loss, defined benefit plan, reclassification adjustment from AOCI, tax | (58) | (43) | (171) | (128) |
Other comprehensive (income) loss, defined benefit plan, reclassification adjustment from AOCI, after tax | $ 220 | $ 162 | $ 645 | $ 483 |
Earnings Per Common Share Att_3
Earnings Per Common Share Attributable to Avista Corp. Shareholders - Schedule of Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Numerator: | ||||
Net income attributable to Avista Corp. shareholders | $ 4,876 | $ 5,090 | $ 70,753 | $ 146,203 |
Denominator: | ||||
Weighted-average number of common shares outstanding-basic | 68,194 | 66,265 | 67,638 | 65,964 |
Effect of dilutive securities: | ||||
Performance and restricted stock awards | 143 | 86 | 131 | 86 |
Weighted-average number of common shares outstanding-diluted | 68,337 | 66,351 | 67,769 | 66,050 |
Earnings per common share attributable to Avista Corp. shareholders: | ||||
Basic | $ 0.07 | $ 0.08 | $ 1.05 | $ 2.22 |
Diluted | $ 0.07 | $ 0.08 | $ 1.04 | $ 2.21 |
Earnings Per Common Share Att_4
Earnings Per Common Share Attributable to Avista Corp. Shareholders - Additional Information (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 0 | 0 | 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 1 Months Ended | ||||
Aug. 31, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 02, 2020aBuilding | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Loss Contingencies [Line Items] | |||||
Regulatory liabilities | $ 48,902,000 | $ 51,715,000 | |||
Boyds Fire [Member] | Damage from Fire [Member] | Maximum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, damages sought, value | $ 4,400,000 | ||||
Labor Day Windstorm [Member] | Damage from Fire [Member] | |||||
Loss Contingencies [Line Items] | |||||
Wildfire covered area | a | 22,000 | ||||
Number of residential, commercial and other structures impacted | Building | 230 | ||||
Provision for Rate Refunds [Member] | |||||
Loss Contingencies [Line Items] | |||||
Regulatory liabilities | $ 5,967,000 | $ 8,500,000 | $ 3,565,000 | ||
Provision for Rate Refunds [Member] | Electricity [Member] | |||||
Loss Contingencies [Line Items] | |||||
Regulatory liabilities | 4,900,000 | ||||
Provision for Rate Refunds [Member] | Natural Gas [Member] | |||||
Loss Contingencies [Line Items] | |||||
Regulatory liabilities | $ 3,600,000 |
Information by Business Segme_3
Information by Business Segments - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2020Reportable_Segments | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Information by Business Segme_4
Information by Business Segments - Schedule of Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||
Operating revenues | $ 272,646 | $ 283,770 | $ 941,468 | $ 981,063 | |
Resource costs | 78,785 | 98,324 | 276,297 | 324,110 | |
Other operating expenses | 87,248 | 81,562 | 269,967 | 286,622 | |
Depreciation and amortization | 54,099 | 50,186 | 169,851 | 154,943 | |
Income (loss) from operations | 28,498 | 30,243 | 145,617 | 137,082 | |
Interest expense | 25,940 | 26,193 | 78,390 | 78,063 | |
Income taxes | 859 | (131) | 1,472 | 28,145 | |
Net income (loss) attributable to Avista Corp. shareholders | 4,876 | 5,090 | 70,753 | 146,203 | |
Capital expenditures | 109,157 | 121,897 | 299,223 | 322,069 | |
Total Assets | 6,283,131 | 6,283,131 | $ 6,082,456 | ||
Avista Utilities [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 263,564 | 274,931 | 909,109 | 942,441 | |
Alaska Electric Light & Power [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 8,815 | 7,790 | 31,014 | 27,414 | |
Operating Segments [Member] | Utility Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 272,379 | 282,721 | 940,123 | 969,855 | |
Resource costs | 78,785 | 98,324 | 276,297 | 324,110 | |
Other operating expenses | 85,551 | 80,112 | 266,251 | 271,485 | |
Depreciation and amortization | 53,953 | 50,052 | 169,282 | 154,445 | |
Income (loss) from operations | 30,074 | 30,778 | 148,556 | 141,509 | |
Interest expense | 25,838 | 26,230 | 78,158 | 78,001 | |
Income taxes | 1,119 | 207 | 2,300 | 27,547 | |
Net income (loss) attributable to Avista Corp. shareholders | 5,814 | 6,163 | 74,121 | 143,911 | |
Capital expenditures | 108,354 | 120,977 | 297,834 | 320,965 | |
Total Assets | 6,186,397 | 6,186,397 | 5,984,661 | ||
Operating Segments [Member] | Avista Utilities [Member] | Utility Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 263,564 | 274,931 | 909,109 | 942,441 | |
Resource costs | 77,843 | 98,397 | 274,468 | 325,615 | |
Other operating expenses | 82,151 | 76,749 | 256,570 | 261,934 | |
Depreciation and amortization | 51,499 | 47,631 | 161,934 | 147,208 | |
Income (loss) from operations | 28,284 | 28,998 | 137,219 | 130,200 | |
Interest expense | 24,277 | 24,634 | 73,449 | 73,214 | |
Income taxes | 1,060 | 125 | 460 | 25,722 | |
Net income (loss) attributable to Avista Corp. shareholders | 5,546 | 5,966 | 69,130 | 139,086 | |
Capital expenditures | 105,494 | 118,141 | 291,417 | 313,747 | |
Total Assets | 5,916,490 | 5,916,490 | 5,713,268 | ||
Operating Segments [Member] | Alaska Electric Light & Power [Member] | Utility Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 8,815 | 7,790 | 31,014 | 27,414 | |
Resource costs | 942 | (73) | 1,829 | (1,505) | |
Other operating expenses | 3,400 | 3,363 | 9,681 | 9,551 | |
Depreciation and amortization | 2,454 | 2,421 | 7,348 | 7,237 | |
Income (loss) from operations | 1,790 | 1,780 | 11,337 | 11,309 | |
Interest expense | 1,561 | 1,596 | 4,709 | 4,787 | |
Income taxes | 59 | 82 | 1,840 | 1,825 | |
Net income (loss) attributable to Avista Corp. shareholders | 268 | 197 | 4,991 | 4,825 | |
Capital expenditures | 2,860 | 2,836 | 6,417 | 7,218 | |
Total Assets | 269,907 | 269,907 | 271,393 | ||
Other [Member] | Non-Utility Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 267 | 1,049 | 1,345 | 11,208 | |
Resource costs | 0 | 0 | 0 | 0 | |
Other operating expenses | 1,697 | 1,450 | 3,716 | 15,137 | |
Depreciation and amortization | 146 | 134 | 569 | 498 | |
Income (loss) from operations | (1,576) | (535) | (2,939) | (4,427) | |
Interest expense | 131 | 149 | 393 | 885 | |
Income taxes | (260) | (338) | (828) | 598 | |
Net income (loss) attributable to Avista Corp. shareholders | (938) | (1,073) | (3,368) | 2,292 | |
Capital expenditures | 803 | 920 | 1,389 | 1,104 | |
Total Assets | 108,681 | 108,681 | 113,390 | ||
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 0 | 0 | 0 | 0 | |
Resource costs | 0 | 0 | 0 | 0 | |
Other operating expenses | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Income (loss) from operations | 0 | 0 | 0 | 0 | |
Interest expense | (29) | (186) | (161) | (823) | |
Income taxes | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to Avista Corp. shareholders | 0 | 0 | 0 | 0 | |
Capital expenditures | 0 | $ 0 | 0 | $ 0 | |
Total Assets | $ (11,947) | $ (11,947) | $ (15,595) |
Termination of Proposed Acqui_2
Termination of Proposed Acquisition by Hydro One - Additional Information (Details) - USD ($) $ in Thousands | Jan. 24, 2019 | Sep. 30, 2019 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||
Merger termination fee | $ 103,000 | ||
Merger transaction costs | $ 19,675 | $ 19,700 | |
Hydro One [Member] | |||
Business Acquisition [Line Items] | |||
Merger termination fee | $ 103,000 |
Sale of METALfx- Additional Inf
Sale of METALfx- Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Apr. 18, 2019 | |
METALfx [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Noncontrolling interest, ownership percentage by parent | 89.20% | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposal group including discontinued operation gross consideration | $ 17.5 | |
Disposal group including discontinued operation consideration held in escrow | $ 1.2 | |
Disposal group including discontinued operation percentage of gross consideration held in escrow | 7.00% | |
Disposal group, including discontinued operation, consideration | $ 16.5 | |
Disposal group not discontinued operation gain (loss) on disposal net of tax | $ 2.3 |